With various data and references from past cycles, many people in the crypto industry have predicted that October will be green from the beginning. This they have tagged “Uptober.” However, the market has not been going according to expectations, with various analysts’ forecasts being delayed.
Now that we are close to the middle of the month, the question remains: when will Uptober really start, especially for Kaspa (KAS) and Bitcoin (BTC)?
Based on the video titled “Kaspa: When will ‘Uptober’ begin?” by the poster Tommy Does Crypto, the analyst provides a detailed overview of the current market trends for both Kaspa and Bitcoin.
The analyst discusses the recent price action of Kaspa, noting a drop from 16 cents to 14 cents, which he views as an opportunity for investors to buy at a discount.
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What you'll learn 👉
Kaspa (KAS)
He emphasizes that Kaspa is currently at a critical support level, marking the third time it has reached this 14-cent threshold in the last five months. This suggests that the 14-cent level could represent a local bottom for Kaspa.
Furthermore, the analyst mentions the potential listing of Kaspa on Kraken, a Tier 1 exchange. Although this listing has not yet been officially announced, he speculates that Kraken may be waiting for the right moment to do so, potentially once Kaspa’s price surpasses the level at which Kraken was accumulating.
Such a listing could trigger a domino effect, leading to listings on more prominent exchanges like Binance. The timing of this potential Kraken listing is suggested to be before the end of October, aligning with the anticipated bullish trend for the month.
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Show more +Bitcoin (BTC)
The analyst shifts focus to Bitcoin, examining its historical cycles and recent price movements. He notes that Bitcoin experienced a bullish surge at the end of September, driven by announcements from the Federal Reserve regarding interest rates, but this was followed by a healthy correction that brought its price down towards $60,000.
He interprets this correction as expected since Bitcoin had not yet broken through its major resistance level.
Uptober Could Start in October or November of BTC and KAS
According to the analyst, the current downward trend in Bitcoin may represent a final bear trap before the market enters a bull phase. He anticipates that either October or November could signal the beginning of a significant bull run, potentially leading to a new all-time high for Bitcoin before 2025.
He also highlights that geopolitical tensions, such as the recent conflict involving Iran and Israel, might create temporary negative impacts on Bitcoin’s price; however, he remains confident that such events will lead to only short-lived market fluctuations.
The analyst backs his bullish outlook for Bitcoin with several indicators, including expectations of lower interest rates and a weakening dollar, both of which would make risk assets like Bitcoin more attractive.
He also notes that the Global Liquidity Index is expected to rise, potentially directing capital into Bitcoin and driving up its price. The analyst believes that once Bitcoin breaks through its resistance level, this could catalyze a bull market for the entire crypto space, with Bitcoin leading the surge.
General Crypto Market and Timing
The analyst reflects on the four-year Bitcoin cycle, observing that historically, bull markets have often begun in October or November following a halving event. With the most recent Bitcoin halving occurring in April 2024, he projects a bullish period for the crypto market towards the end of 2024 and into early 2025. He expresses optimism that this October or November could mark the start of an aggressive bull run, lasting through 2025.
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