The cryptocurrency market has been depressed for the past few months due to a lack of bullish signals, but that is expected to change as October begins. Historically, October has been referred to as the “Uptober”, as it is the time when investors’ interest in crypto assets revives.
BeInCrypto’s analysis presents three major predictions that could bring significant changes to investor behavior in October.
The field of artificial intelligence is ready to explode
Artificial intelligence has been a hot topic for a long time, and despite a relatively neutral month, AI tokens have shown impressive performance for investors. In 30 days, the total market capitalization of these assets has increased by 23%, from $27 billion to $33 billion.
Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies
Speaking about the future of AI, Ryan Lee, senior analyst at Bitget, offered a similarly bullish outlook.
“The ecosystems like SUI and AI (Artificial Intelligence) are showing promising rebounds. We are bullish on October and may see early policy signals that could impact market sentiment, especially with the US elections approaching,” Lee told BeInCrypto.
Interestingly, the top five AI tokens are among the top 30 crypto assets, with Bittensor (TAO) up 50% in the last four weeks. Therefore, the AI sector in the crypto market is worth watching, and if the market cap increases by another 23% in October, the value of AI tokens could reach $41 billion.
Bitcoin Reaches $70K
Bitcoin’s price rose by 7.8% in September, and this increase came despite the lack of bullish sentiment in the cryptocurrency market. This has led to BTC currently trading at $63,658.
There are two major resistance levels ahead of Bitcoin: $65,000 and $70,000.
The former could be broken within a few days, which could force BTC to hit the latter’s resistance level. $70,000 is more than 10% off 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” strategy comes to an end, we can expect inflows from retail and institutional investors in October. Matt Mena, cryptocurrency research strategist at 21.co, shared a similar outlook in an interview with BeInCrypto.
“With the summer downturn and macro negatives behind us, institutional and retail investors are likely to reconnect with these assets. This could be a strong catalyst for Bitcoin to retest the $70,000 level. As the election uncertainty fades and the outcome becomes clearer, the market will react positively. The market prefers certainty and we expect prices to rally as ambiguity diminishes,” Mena said.
Moreover, Bitcoin’s all-time high of $73,787 is inches away from $70,000. So if the inflows can push BTC above $70,000 and turn it into support, investors’ profits could skyrocket.
SUI is ready to hit a new all-time high
SUI has had a great September , up over 113% since the start of the month. It is currently trading at $1.70 and is looking to secure support as its all-time high of $2.18 is 28% higher than the current price.
Read more: Everything you need to know about Sui Blockchain
Historically, SUI has struggled around its current price range, as it tends to act as a resistance level rather than a support level.
However , since this altcoin has only seen an uptrend this month, $1.70 could turn into support. Matt Mena, a crypto research strategist at 21.co, also highlighted the future growth of SUI.
“On the alt-layer 1 front, we expect SUI to continue to attract users and developers… We are already seeing this momentum, with SUI surpassing $1 billion in TVL yesterday… even as token prices have declined. This growth highlights the growing resilience and appeal of these platforms as they gain market share in a highly competitive blockchain environment,” Matt Mena tells BeInCrypto.
However, selling could also threaten this growth, and profit taking could hinder SUI’s upside. As investors take profits, the price of SUI could lose the $1.70 support, which could push the price down to $1.45. Losing the latter support could nullify the bullish outlook, and prevent the altcoin from making a new all-time high.
