Analysis: Bitcoin October rally still possible

Cointelegraph cited multiple analysts to report that the October bull market, being referred to within the crypto sector as “Uptober,” is stalling, but there is still room for Bitcoin (BTC) to rally. CryptoQuant analyst Axel Adler explained that the 16% drop in spot BTC trading volume since October 1 reflects a weakening sentiment. However, Adler maintains that this is fully explainable, as investors are waiting for uncertain macro factors to be resolved and choosing to avoid risk. Ryan Lee, senior analyst at Bitget, explained that if macro uncertainty is resolved, BTC can rise by 18% in the short term. Currently, BTC is maintaining support above $60,000. In general, it has shown positive movement in Q4. Institutional investors are also purchasing more BTC than the amount mined every day.