On Monday, the bitcoin rose above $65,000 to touch an important resistance level for the world’s largest cryptocurrency by market value. This is the highest price it has registered in the last two weeks due to the recent economic stimulus measures that China unveiled recently, measures that have prompted different reactions from investors.

Chinese attempts to pep up their economy have given more traffic towards higher risk, such as BTC and other digital currencies, with traditional equities being given a doubtful eye. Higher BTC also led to higher altcoins; Ether (the second-largest cryptocurrency by market capitalization) and Solana (fifth largest) were up on the weekend.

As it was seen earlier, October has also been a significant month for Bitcoin as far as its price is concerned and is, therefore, prone to major fluctuations. Nevertheless, even this week’s fantastic bull run raises questions as to whether the fabled “Uptober” has been initiated. Professionals are quick to caution against getting too ahead of ourselves, due to the relative nature of a fledgling market that is cryptocurrency.

Previous October’s have displayed positive sentiment toward Bitcoin but the year is dynamic bringing about different market environment. James Toledano, the Chief Operating Officer at Unity Wallet, warned against reading too much into patterns. My issue is that we look for patterns where there probably are none. Hedge fund managers should do this, investors should be cautious,” Toledano said. He pointed the gazing that conventional market savvy is antithetical to looking for patterns or attempting to time the stock market.

Toledano underscored the nature of causes that might make cryptocurrencies fluctuate in value. For instance, he was quick to mention that last year, institutional investment, as well as mainstream adoption, saw Bitcoin increasing its price by 40%. But Toledano was quick to note that these movements were not all someway linked to the seasons, but were movements that resulted from a specific event.

In this year, geopolitical features have also influenced the price of Bitcoin; a 4% decline is observed in early October 2024. This is in line with previous years Mid-month recoveries.

It has also benefited from liquidation of certain markets which have acted as factors towards pushing market directions. “Thus, $540 million of early month liquidations in 2024 can be explained by previous research suggesting that liquidation events predetermine a recovery,” Toledano pointed out.

However, superimposing contradictory signals, Toledano admitted that it is often bullish for Bitcoin in October. As for the beginning of the month it is not rare to have a decline. Recalling the $10k level, he said that Bitcoin fell by 7% in the first half of July but soared by 30% before the end of the month and mentioned the same situation could be implemented this year.