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Kriptoteka > Market > Blockchain > Top Crypto Predictions for October 2024: What to Expect
Blockchain

Top Crypto Predictions for October 2024: What to Expect

marcel.mihalic@gmail.com
Last updated: September 26, 2024 7:15 am
By marcel.mihalic@gmail.com 6 Min Read
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The cryptocurrency market has been relatively quiet over the past few months due to a scarcity of bullish indicators. However, this trend is anticipated to shift with the arrival of October. Traditionally, this month has marked a resurgence in investor enthusiasm for crypto assets, coining it as “Uptober.”

BeInCrypto’s analysis outlines three significant predictions for October that could lead to notable shifts in investor behavior.

The AI Sector Is Poised for Growth

Artificial Intelligence (AI) has been a focus for a considerable time, and despite a relatively uneventful month, AI tokens have continued to captivate their investors. Over the past 30 days, the total market cap for these assets surged by 23%, soaring from $27 billion to $33 billion as of this writing.

Read More: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

AI Tokens' Market Cap.
AI Tokens’ Market Cap. Source: CoinMarketCap

Commenting on the prospects for AI, Ryan Lee, Chief Analyst at Bitget, shared a similarly optimistic perspective.

“Ecosystems such as SUI and AI (Artificial Intelligence) are exhibiting promising rebounds. I feel optimistic about October, particularly with the upcoming US elections. We might witness early policy hints that could influence market sentiment,” Lee remarked to BeInCrypto.

Interestingly, the top five AI tokens are also counted among the 30 largest crypto assets, with Bittensor (TAO) experiencing a remarkable increase of 50% in the last month. Thus, the Artificial Intelligence sector in the crypto market is worth monitoring closely; another 23% boost in market cap in October could elevate the value of AI tokens to $41 billion.

Bitcoin Aiming for $70,000

Bitcoin’s price increased by 7.8% during September, even amid a lack of bullish activity in the crypto market. This rise has brought BTC to a trading price of $63,658 as this article is being written.

Bitcoin currently faces two significant resistance levels: $65,000 and $70,000.

The former may be surpassed in the coming days, potentially leading BTC to challenge the latter resistance level. With a little over 10% distance from BTC’s current price, $70,000 appears to be an attainable target.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

Moreover, as the “Sell in May and go away” approach approaches its conclusion, a significant influx of funds from both retail and institutional investors is anticipated in October. Matt Mena, Crypto Research Strategist at 21.co, echoed this positive sentiment with BeInCrypto.

“With the summer slow period and macroeconomic challenges behind us, both institutional and retail investors are likely to re-engage with these assets, providing a strong impetus for Bitcoin to possibly retest the $70,000 threshold. As uncertainties surrounding the elections begin to clear, the market should respond favorably—regardless of the eventual outcome. Markets thrive on certainty, and with decreased ambiguity, we can expect prices to start gaining upward momentum,” Mena stated to BeInCrypto.

Additionally, Bitcoin’s all-time high of $73,787 is just a step away from the $70,000 mark. Therefore, if new inflows succeed in pushing BTC beyond the $70,000 barrier and converting it into support, investors’ gains could significantly increase.

SUI Set to Achieve a New All-Time High

SUI had an impressive September, surging by over 113% since the month began. Currently trading at $1.70, the altcoin is striving to establish this price as a support level, with its all-time high of $2.18 lying 28% above the present value.

Read More: Everything You Need to Know About the Sui Blockchain

SUI Price Analysis.
SUI Price Analysis. Source: TradingView

Historically, SUI has faced challenges around the current price level, often acting as a stronger resistance rather than a support level.

Nonetheless, considering the bullish trend the altcoin has experienced this month, the $1.70 level could become a support. In addition, Matt Mena, Crypto Research Strategist at 21.co, pointed out the potential for growth for SUI moving forward.

“On the alt Layer 1 front, I foresee SUI continuing to attract both users and developers… We’re already seeing this momentum, with SUI’s Total Value Locked (TVL) exceeding $1 billion yesterday… even amidst reducing token prices. This growth highlights the resilience and expanding interest in these platforms as they capture market share in the competitive blockchain ecosystem,” Mena informed BeInCrypto.

However, selling pressure remains a concern for this growth, with profit-taking potentially restraining SUI’s ascent. Investors seeking to secure their gains could cause SUI’s price to drop below the $1.70 support, potentially leading it to $1.45. Losing this latter support could jeopardize the bullish outlook, preventing the altcoin from achieving a new all-time high.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be interpreted as financial or investment advice. BeInCrypto is committed to providing accurate, unbiased reporting, but market conditions are subject to change without prior notice. Always perform your own research and seek guidance from a professional before making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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