Bitcoin is targeting $72,000 in October, says Bitget Research analyst

Share this article

Bitcoin (BTC) could reach $72,000 in October, according to Ryan Lee, chief analyst at Bitget Research. The forecast cites improving macroeconomic liquidity, floor indicators and institutional optimism as key factors driving potential price growth.

Lee points to the US Federal Reserve’s 50 basis point interest rate cut on September 18, bringing the federal rate down to 4.75%-5%, as a signal of a shift in monetary policy.

This injection of liquidity into the market led to short-term gains in both US stocks and crypto prices, with BTC up 6.6% since then, while the S&P 500 rose 1.24%. In particular, Lee stated that Bitcoin’s current price presents a “good accumulation opportunity.”

As for the bottom signs, analyst Bitget highlighted that funding rates reached negative levels at several times in September, driven by spot selling. Together with the extreme fear sentiment indicators, this suggests a possible pullback based on historical data.

Furthermore, institutional activity such as MicroStrategy’s continued purchases of Bitcoin and net inflows into US-traded Bitcoin exchange-traded funds (ETFs) further support the bullish outlook.

However, the current level of volatility caused by the factors mentioned above also leaves the possibility of a correction to the $58,000 level on the table. Thus, Lee sees Bitcoin in a large price range over the next month, with a 70% confidence interval.

Ethereum may follow suit

Despite its significant decline last month, analyst Bitget expects Ethereum (ETH) to perform well, with an expected price range of $2,200 to $3,400.

The first key factor supporting this is ETH’s stake yield approaching that of US Treasuries after recent interest rate cuts at around 3.5%. This will turn Ethereum back into a yield generating asset that can be attractive to crypto investors.

In addition, Lee is bullish on the launch of EigenLayer, stating that this could cause capital to flow into the Ethereum ecosystem, thereby increasing the price of ETH.

Finally, the analyst sees a potential resurgence in Ethereum’s meme coin landscape fueled by the recent Neiro rally.

Share this article