Bitcoin’s performance this October has been less dynamic than usual, yet some experts argue that its stability around the $111,000 mark is a sign of resilience rather than fragility.
The current market activity may feel all too familiar to Bitcoin enthusiasts who are facing disappointment as gold and silver continue to reach new peaks and U.S. equities rise. Meanwhile, Bitcoin has experienced a slight decline of 1.2% over the last day, settling at $111,500. Other cryptocurrencies have faced more significant downturns; Ethereum and XRP fell by 3%, while Solana and Dogecoin each saw approximately a 2% decrease.
Analysts Urge Patience
During Wednesday’s Digital Asset Summit in London, Quinn Thompson from Lekker Capital expressed optimism about Bitcoin’s future prospects.
“I believe we will eventually align with gold,” he remarked to those present. “The upcoming shift in both Bitcoin and the broader crypto market will mirror movements seen in November 2024 or October 2023.”
Matt Mena from 21Shares shared this positive sentiment regarding Bitcoin’s ability to withstand global challenges, highlighting how structural demand—bolstered by ETF inflows and an increasingly accommodative policy stance—continues to provide support for its price floor. With leverage diminishing and monetary easing on the horizon, Mena anticipates that Bitcoin could reach $150,000 before year-end.
The Federal Reserve plays a crucial role here; expectations are high that it will persist with monetary policy relaxation. The Fed’s Beige Book released on Wednesday noted emerging weaknesses within the labor market across its twelve regional banks—a signal reinforcing predictions of interest rate cuts during their remaining meetings this year.
While Fed Chair Jerome Powell refrained from detailing rate plans during his Tuesday address, he did acknowledge “softness” within employment sectors—further cementing beliefs about potential policy loosening ahead.