Uptober Sparks Bullish Momentum: 5 Bitcoin Metrics Hint at $75K+ in 2024

Despite the concerns around “Uptober” previously discussed in a recent CNF update, it was noted that Bitcoin might show annual growth in October 2024. According to data from CoinGlass, Bitcoin’s open interest (OI) in perpetual futures reached a multi-month high, with a weighted funding rate of 0.0136%, last seen in June when Bitcoin hit $71,950.

This suggests a bullish market sentiment, supported by CryptoQuant’s report via a recent tweet, showing that Bitcoin’s OI across all exchanges hit an all-time high of $19.7 billion on Oct. 15. This increase signals growing liquidity and heightened market activity, though it may bring volatility as both buyers and sellers remain evenly matched.

#Bitcoin Open Interest Reaches New All-Time High of $19.8 Billion

“This upward trend in the derivatives market indicates a growing influx of liquidity and increased attention in the cryptocurrency space.” – By @EgyHashX

Full post https://t.co/l6CIyhO11o pic.twitter.com/HJxrxe2JP6

— CryptoQuant.com (@cryptoquant_com) October 15, 2024

Spot ETFs and RSI Point to Potential Rally

Further bullish signals come from a continuous downtrend in Bitcoin’s supply on exchanges, which reached a five-year low of 2.68 million BTC. This decline, alongside a 55% price growth year-to-date, indicates that traders are holding their assets rather than selling, reducing the potential for sell-offs.

Additionally, the demand for Bitcoin spot exchange-traded funds (ETFs) is rising. On Oct. 14, net inflows reached $555.8 million, signaling strong institutional interest. Nate Geraci, president of ETF Store, noted that net inflows have approached $20 billion over the last 10 months.

As Bitcoin also maintains support above the 200-day simple moving average of $63,335, technical indicators suggest a continued upward trajectory, with analysts pointing to the possibility of Bitcoin reaching $233,000 by early 2025.

According to CoinMarketCap data today, Bitcoin (BTC) is currently trading at $68,330.01, having surged by 4.35% in the past day and 10.01% in the past week.