Bitcoin’s October Slowdown Masks Strength, Analysts Predict Catch-Up With Gold

Despite a relatively muted October, Bitcoin (BTC) near $110,000 is showing signs of resilience, prompting analysts to forecast a potential breakout in the coming weeks.

While Bitcoin’s price has lagged its typical October momentum, its stability around the $111,000 mark is being interpreted as a sign of underlying strength rather than weakness. Over the past 24 hours, Bitcoin slipped 1.2% to $111,500, while broader crypto markets saw somewhat steeper declines: Ether and XRP fell 3%, and Solana and Dogecoin dropped roughly 2%. Meanwhile, gold and silver surged to record highs, and U.S. stocks remained in positive territory.

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Analysts Advise Patience

At Wednesday’s Digital Asset Summit in London, Quinn Thompson, CIO of Lekker Capital, emphasized Bitcoin’s potential to catch up to gold. “I expect this move to start very soon,” Thompson said, comparing the forthcoming rally to Bitcoin’s strong runs in November 2024 and October 2023.

Similarly, Matt Mena, crypto research analyst at 21Shares, noted that Bitcoin’s durability amid global uncertainty highlights structural demand, supported by ETF inflows and a dovish Fed outlook. With leverage largely flushed from the system and monetary easing anticipated, Mena projects that Bitcoin could reach $150,000 by year-end.

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Fed Policy Remains Key

Much depends on the Federal Reserve’s policy direction. In its Beige Book released Wednesday, the Fed highlighted signs of weakness in the labor market, reinforcing expectations for rate cuts at the remaining policy meetings this year.

Fed Chair Jerome Powell avoided committing to specific rate changes but acknowledged labor market “softness,” further supporting market speculation that additional easing could be on the horizon.