Bitcoin (BTC) might have reached new all-time highs in 2024, but the pioneering cryptocurrency has seen a period of sideways trading since March, struggling to decisively breach the psychologically important barrier of $70,000, and at times dropping to as low as $54,000.
As it stands, the long-awaited month of ‘Uptober’, which was supposed to ignite a renewed bull run, is unlikely to materialize.
At press time, BTC is trading at $68,930 — having rallied by 5.16% over the course of the last thirty days.
BTC price monthly chart. Source: Finbold
However, even analysts who concede that ‘Uptober’ has been a disappointment, such as Michaël van de Poppe, point to key catalysts that could see Bitcoin enter into another prolonged upswing.
van de Poppe reflects on market sentiment and external factors
The renowned crypto researcher sees overall market sentiment as being hesitant — noting that BTC is currently in the midst of an accumulation phase and that the crypto
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