Bitcoin’s Uptober is about to start and pay attention to that 80% FTT rally

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Last Updated on 30 September 2024 by CryptoTips.eu

Bitcoin is ready to end the month of September on a positive note and start ‘uptober’ (October is historically the best month for Bitcoin, which is why this month is called ‘uptober’). If the average price increase of the past few weeks continues, we could end the next month with a new ATH.

Only geopolitical unrest can cause some delay.

FTT, the cryptocurrency of bankrupt crypto platform FTX, rose 80% at a certain point yesterday after a major crypto influencer claimed that former FTX customers will be refunded starting today. Watch out for a pump-and-dump if the news is not quickly confirmed by the FTX legal team.

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Saudi-Arabia

A two-week economic good news show is how I personally summarize the second half of September 2024.

After the Federal Reserve announced a 50 basis point interest rate cut, the Bank of Japan followed by guaranteeing that their ultra-low interest rates would certainly not be increased in the foreseeable future (so the Yen carry trade may continue). That was followed last week by a huge economic stimulus package for China and on Friday we got the icing on the cake when Saudi Arabia announced that their target of $100 per barrel of oil is also being overhauled. $75 per barrel is more than enough and their production will be increased.

Cheaper money and cheaper energy as we go into the colder months, which normally means that investors can take more risk again and Bitcoin can increase in price.

Furthermore, October begins tomorrow, the month that historically yields gains of up to 22% for Bitcoin, which is also why crypto investors call the month “uptober.”

Please note, as is often the case, geopolitics does continue to play a part. I don’t expect the death of Hezbollah leader Hassan Nasrallah to have a negative effect on Western stock markets (which have been trading in correlation with Bitcoin over the last few months), but a response from Iran (in the form of an open war with Israel) would bring renewed caution to the markets.

Judgment

Normally October is a good month for stock exchanges and a super month for crypto. In addition, all economic parameters are quite positive at this moment. Hence I expect a continuation of the steady rise in the Bitcoin price. There are probably a lot of automatic sell orders around $70k, so that will be the hardest wall to break as it always is.

FTT rally

Yesterday, FTT, the cryptocurrency of the now bankrupt crypto platform FTX, rose by around 80% after ‘cryptorover’ (a major crypto influencer with 800,000 followers) claimed that former FTX customers will be refunded as from today, for a total amount of 16 billion dollars.

If true, it would be a huge amount of money that could flow back into crypto markets (if former FTX customers are willing to purchase digital coins again with the money in their FTX account of course), but note that there is no official confirmation from the legal team that has dealt with bankruptcy of FTX so far.

If that doesn’t come soon, FTT could crash as quickly as it is pumping now.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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