Bitcoin eyes $72,000 in October, says Bitget Research analyst

Bitcoin (BTC) could reach $72,000 in October, according to Ryan Lee, Chief Analyst at Bitget Research. The forecast cites improved macro liquidity, bottoming indicators, and institutional optimism as key factors driving the potential price surge.

Lee points to the US Federal Reserves 50 basis point interest rate cut on Sept. 18, lowering the federal rate to 4.75%-5%, as a signal of a shift in monetary policy.

This injection of liquidity into the market led to short-term rises in both US stocks and

crypto prices

, with BTC rising 6.6% since then while the S&P 500 grew 1.24%. Notably, Lee stated that Bitcoins current price presents a “good opportunity for accumulation.”

On the bottoming signs, the Bitget analyst highlighted that funding rates reached negative levels at multiple moments in September, led by spot sell-offs. Coupled with extreme fear sentiment indicators, this suggest a possible rebound, based on historical data.

Moreover, institutional activity, such as MicroStrategys continued Bitcoin purchases and net inflows into US-traded spot

Bitcoin exchange

-traded funds (ETFs), further supports the bullish outlook.

However, the current level of volatility caused by the aforementioned factors also leaves on the table the possibility of a correction until the $58,000 level. Thus, Lee sees Bitcoin in a large price range in the next month, with a 70% confidence interval.

Ethereum can follow suit

Despite its significant decline last month, the Bitget analyst expects Ethereum (ETH) to perform well, with a projected price range of $2,200 to $3,400.

The first key factor supporting this is ETHs staking yield getting close to US Treasuries after the recent rate cuts, around 3.5%. This will turn Ethereum once again into a yield-generating asset, which can be attractive for crypto investors.

Furthermore, Lee is optimistic about EigenLayer‘s launch, stating that this could make capital flow into Ethereum’s ecosystem, boosting ETHs price as a result.

Finally, the analyst sees a potential resurgence in Ethereums

meme coin

landscape, fueled by the recent Neiro rally.