$BTC

Bitcoin's outlook for long trades in October 2024 appears cautiously optimistic, with the potential for significant price movement. Currently trading around $65,000, BTC could rally further due to factors like potential U.S. Federal Reserve interest rate cuts, which would likely inject liquidity into the market and boost risk-on assets like Bitcoin. Additionally, the supportive political stance toward cryptocurrencies in the U.S., with both major presidential candidates favoring crypto innovation, could improve regulatory conditions, boosting investor confidence.

Analysts suggest Bitcoin could surpass $70,000 soon, with some even predicting a rise toward the elusive $100,000 mark by early 2025. However, traders should remain mindful of volatility, as profit-taking by long-term holders or broader macroeconomic factors, like economic instability in China, could dampen upward momentum.

Given Bitcoin's inherent risks and price swings, long positions should be carefully managed, keeping in mind both short-term optimism and long-term unpredictability.