With a recent price recovery, Bitcoin (BTC) price is now finally showcasing the “Uptober” expectation. The leading cryptocurrency is back in the $64,000 range after establishing support at the $60,800 low.
The surge in Bitcoin has ignited a bullish frenzy in the memecoin ecosystem, with Mog Coin (MOG), Dogwihat (WIF), and Popcat (POPCAT) leading gains.
Bitcoin Price Outlook, Current October Trends
On the daily chart, the price of BTC is rising with bullish momentum. Bitcoin has increased by 2.5% over the last 24 hours to $64,075. The 24-hour trading volume is up 127% to over $28.3 billion. Typically, increased market activity, as indicated by an uptick in trading volume, indicates a higher market interest.
The technical indicators also reinforce Bitcoin’s price rebound. The Awesome Oscillator (AO), a momentum indicator, displays an upturn from Red to Green, implying increased buying pressure for BTC.
While Bitcoin is up 52.6% Year-over-Year, it is still down 13% from its All-Time High. The global economy remains a major driver of Bitcoin in the past few months. The latest US payroll data shows 254,000 new jobs were created in September, exceeding market expectations and strengthening the US dollar’s position.
Thus far, Bitcoin is considered to have an inversely proportional relationship with the US Dollar. Middle East geopolitical tensions also contributed to major Bitcoin liquidations in October. Therefore, Bitcoin’s latest price rebound showcases its strength as the crypto market leader despite global uncertainties.
The Memecoin Explosion, Why the MOG, WIF, POPCAT Rally
The ongoing Bitcoin rally has sparked bullish outcomes in the memecoin ecosystem. Within the last 24 hours, MOG, Dogewifhat (WIF), and POPCAT increased by 19.3%, 12.2%, and 5% respectively. MOG, a relatively new entrant, is gaining widespread acceptance for its cat-themed branding and active social media engagement.
Meanwhile, the ongoing rally in WIF and POPCAT can be attributed to their association with the Solana blockchain.
POPCAT and Dogwifhat showcased immense potential in October. The surge in WIF also coincides with strong whale activity. The large investors’ contribution shows the asset’s approval, which is now fueling the price uptrends.
Notably, memecoins mark the go-to for retail investors in what many see as a sustained bull cycle.
What to Expect for Bitcoin and Memecoins this Uptober
Technical analyst Mikybull Crypto believes Bitcoin has completed its fourth-wave downturn. Accordingly, the analyst says Bitcoin is expected to advance in the fifth wave soon. The analyst prediction aligns with the Elliott Wave theory.
This theory, previously employed in the financial markets, implies that Bitcoin might rise beyond $90,000 around October 22. This forecast is consistent with Bitcoin’s historical trends, as the last quarters are mostly characterized by substantial price growth.
Bitcoin did well in October in previous years, returning an average of 20.66% increase. This trend suggests Bitcoin may hit $80,518 by the end of October this year.
Memecoins are also included in the bullish forecast in the crypto market. The latest memecoin rally coincides with an immense increase in trading volumes. Many analysts anticipate the renewed interest will continue, leading to more bullish outcomes for memecoins this October.
