[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/techloot.co.uk\/cryptocurrency\/why-bitcoins-new-all-time-highs-are-likely-in-october-2024\/#BlogPosting","mainEntityOfPage":"https:\/\/techloot.co.uk\/cryptocurrency\/why-bitcoins-new-all-time-highs-are-likely-in-october-2024\/","headline":"Why Bitcoin\u2019s New All-Time Highs Are Likely in October 2024","name":"Why Bitcoin\u2019s New All-Time Highs Are Likely in October 2024","description":"After contending with relentless selling pressure from the Grayscale Bitcoin Trust ETF (GBTC), the combined liquidations of approximately 60,000 BTC by the German and U.S. governments, distributions to Mt Gox creditors amounting to over 100,000 BTC, and additional distributions linked to the collapse of Celsius, Gemini, and Genesis Trading, Bitcoin is still holding steady at…","datePublished":"2024-08-25","dateModified":"2024-08-25","author":{"@type":"Person","@id":"https:\/\/techloot.co.uk\/author\/andre\/#Person","name":"Andrej Kovacevic","url":"https:\/\/techloot.co.uk\/author\/andre\/","image":{"@type":"ImageObject","@id":"https:\/\/techloot.co.uk\/wp-content\/uploads\/2017\/06\/techloot-editor-150x150.jpg","url":"https:\/\/techloot.co.uk\/wp-content\/uploads\/2017\/06\/techloot-editor-150x150.jpg","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Tech Loot","logo":{"@type":"ImageObject","@id":"https:\/\/techlootio.wpengine.com\/wp-content\/uploads\/2018\/09\/techloot-footer-logo.png","url":"https:\/\/techlootio.wpengine.com\/wp-content\/uploads\/2018\/09\/techloot-footer-logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/techloot.co.uk\/wp-content\/uploads\/2024\/06\/Screenshot_556.jpg","url":"https:\/\/techloot.co.uk\/wp-content\/uploads\/2024\/06\/Screenshot_556.jpg","height":422,"width":734},"url":"https:\/\/techloot.co.uk\/cryptocurrency\/why-bitcoins-new-all-time-highs-are-likely-in-october-2024\/","about":["Cryptocurrency"],"wordCount":445,"keywords":["#BitcoinTrading","#CryptoMarket","#CryptoNews","Bitcoin","cryptocurrency"],"articleBody":"After contending with relentless selling pressure from the Grayscale Bitcoin Trust ETF (GBTC), the combined liquidations of approximately 60,000 BTC by the German and U.S. governments, distributions to Mt Gox creditors amounting to over 100,000 BTC, and additional distributions linked to the collapse of Celsius, Gemini, and Genesis Trading, Bitcoin is still holding steady at a $64,000 price level. As we approach October\u2014historically the strongest month for Bitcoin\u2014expectations of new all-time highs are reaching a fever pitch.Image Credit: X \/ James Van Straten @jvs_btc \/ Charlie Morris @AtlasPulseBitcoin Bulls Have Absorbed Over 1.2 Million BTC in Selling Pressure So Far This YearAt the time of writing, Bitcoin is trading at $64,163. This resilience is particularly noteworthy when considering that the world\u2019s largest cryptocurrency has had to absorb around 1.2 million BTC in selling pressure since the start of the year.Moreover, most of the bearish influences on Bitcoin are now fading. The Grayscale Bitcoin Trust ETF has lost half of its holdings and no longer has the power to single-handedly dictate the cryptocurrency\u2019s short-term price direction.The coordinated liquidations by the German and U.S. governments have failed to dent Bitcoin\u2019s medium-term bullish outlook. As of the end of July, the U.S. government still holds approximately 200,000 BTC. However, in what could be a pivotal moment for the crypto sector, former President Trump has pledged to use this reserve to establish a strategic Bitcoin reserve should he win the U.S. presidency again in November.Image Credit: X \/ Bitcoin Magazine Pro @BitcoinMagProFinally, Mt Gox creditors, who recently received BTC payouts nearly a decade after the collapse of the crypto exchange, are remarkably still HODLing\u2014holding on to their assets in anticipation of future gains.Image Credit: X \/ HODL15Capital @HODL15CapitalOf course, spot Bitcoin ETFs, which now represent the most significant bullish influence on Bitcoin\u2019s price trajectory, have played a crucial role in absorbing this combined selling pressure. These ETFs now hold nearly 1 million BTC, and institutional adoption of Bitcoin through these spot ETFs is accelerating.Image Credit: X \/ Charlie Morris @AtlasPulseWhen these factors are considered in the context of October\u2019s approach, which has historically been the strongest month for Bitcoin, the conclusion is clear: new all-time highs are far more likely in the coming weeks than further weakness.Lastly, it\u2019s worth noting that Federal Reserve Chairman Jerome Powell recently stated that \u201cthe time has come for policy to adjust,\u201d signaling a strong likelihood that the Fed will begin cutting the benchmark interest rate in September. Given Bitcoin\u2019s sensitivity to global excess liquidity, this development will only add further momentum to the cryptocurrency\u2019s bullish outlook."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Cryptocurrency","item":"https:\/\/techloot.co.uk\/cryptocurrency\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Why Bitcoin\u2019s New All-Time Highs Are Likely in October 2024","item":"https:\/\/techloot.co.uk\/cryptocurrency\/why-bitcoins-new-all-time-highs-are-likely-in-october-2024\/#breadcrumbitem"}]}]