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There is a long-standing belief within cryptocurrency circles that ‘Uptober’ gives way to the Halloween effect—a period between the end of October and the end of May when markets trend higher.
To find out what Bitcoin’s price could be during Halloween 2024, Finbold interviewed five finance professionals and revealed that BTC is expected to, on average, hit $69,400 on the spookiest of holidays.
There is also some variance in the forecasts despite the general optimism, and the average of the upper bounds of the target ranges would see the cryptocurrency trade at $70,400 on Halloween and of the lowest at $59,400.
Furthermore, the most bullish individual target hopes for a BTC climb to $85,000 on October 31, while the lowest is worried about a drop to $35,000.
Therefore, Bitcoin’s price this Halloween is expected to be 101.16% higher than in October 2023.
Finance experts who participated in the survey include the CEO of Joy Wallet, the CEO of ForexMT4Indicators, HodlMaven’s owner and investment research manager at Gold IRA Investment Guy, and the founder of Stock Dork.
Bitcoin poised for a record Halloween price in 2024
Nonetheless, Bitcoin is likely to experience a strong October and is already at its highest ‘Uptober’ prices compared to every preceding year, save for 2021. Furthermore, as Andreja Stojanovic, the co-author of the research, pointed out:
“Should the average expert price target be reached, BTC would set a new record for its Halloween price as it would be $8,100 higher than three years earlier, almost twice as high as in 2023, and more than ten times higher than in 2017 or 2018.”
Finally, despite expert bullishness and market optimism, October may bring negative surprises for BTC.
Notably, recent Middle East expectations severely depressed the cryptocurrency’s price at the beginning of the month, and the danger of a further expansion of the war runs high.
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