The crypto market has been subdued for the last few months due to a lack of bullish cues, but this is expected to change as October begins. Historically, the tenth month of the year has been the point of the resurgence of investor interest in crypto assets, labeling it as “Uptober.”
BeInCrypto’s analysis presents three of the biggest predictions for October that could engender considerable changes in investors’ behavior.
The AI Sector Is Ready for an Explosion
Artificial Intelligence (AI) has been making waves for the longest time, and despite a relatively neutral month, AI tokens managed to impress their investors. In the span of 30 days, the total market capitalization of these assets grew by 23%, from $27 billion to $33 billion at the time of writing.
Read More: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
Speaking about the fate of AI, Ryan Lee, Chief Analyst at Bitget, presented a similarly bullish outlook.
“Ecosystems like SUI and AI (Artificial Intelligence) are showing promising rebounds. I’m leaning optimistic for October, especially with the US elections on the horizon. We may see early policy signals which could sway market sentiment,” Lee told BeInCrypto.
Interestingly, the top 5 AI tokens are also among the 30 biggest crypto assets, with the likes of Bittensor (TAO) observing an increase of 50% over the last four weeks. Thus, in the crypto market, the Artificial Intelligence sector is worth keeping an eye on, as another 23% increase in market cap in October could bring AI tokens’ value to $41 billion.
Bitcoin at $70,000
Bitcoin’s price rose by 7.8% throughout the month of September, even when the crypto market was noting no bullishness. This increase brought BTC to change hands at $63,658 at the time of writing.
Bitcoin now has two major resistances ahead of itself: $65,000 and $70,000.
The former could be breached in the coming days, which would also trigger BTC to hit the latter resistance. $70,000 is a little over 10% away from BTC’s trading price, making it an achievable target.
Read More: Bitcoin Halving History: Everything You Need To Know
Additionally, as the “Sell in May and go away” strategy nears its end, a flood of inflows from both retail and institutional investors is expected in October. Matt Mena, Crypto Research Strategist at 21.co, shared a similar outlook with BeInCrypto.
“With the summer lull and macro headwinds behind us, institutional and retail investors are likely to re-engage with these assets, providing a strong catalyst for Bitcoin to potentially retest the $70,000 level. As election uncertainties begin to dissipate and the outcome becomes clearer, the market should respond positively—irrespective of the winner. Markets thrive on certainty, and with reduced ambiguity, we can expect prices to start gaining momentum,” Mena told BeInCrypto.
Furthermore, Bitcoin’s all-time high of $73,787 lies inches away from $70,000. Thus, if the inflows manage to push BTC beyond the $70,000 barrier and flip it into support, investors’ profits could soar.
SUI is Prepared to Note a New All-Time High
SUI enjoyed an exceptional September, rising by over 113% since the beginning of the month. Currently changing hands at $1.70, the altcoin is looking to secure it as a support floor since the all-time high of $2.18 lies 28% above the current price.
Read More: Everything You Need to Know About the Sui Blockchain
Historically, SUI has struggled around the current price. This is because it tends to act as a stronger resistance than a support level.
However, given that the altcoin has seen nothing but bullishness this month, $1.70 could be flipped into support. Adding to the same, Matt Mena, Crypto Research Strategist at 21.co, highlighted growth for SUI going forward.
“On the alt Layer 1 front, I predict that SUI will continue to attract users and developers… We’re already witnessing this momentum, with SUI’s TVL surpassing $1 billion yesterday… even amid lower token prices. This growth underscores the resilience and expanding appeal of these platforms as they capture market share in the competitive blockchain landscape,” Mena told BeInCrypto.
However, selling also stands to be a threat to this growth, and profit-taking could hinder SUI’s rise. Investors securing their gains could lead to SUI’s price losing the support of $1.70, which could send it to $1.45. Losing the latter support could invalidate the bullish outlook, pulling the altcoin away from forming a new all-time high.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
