Bitcoin price has surged to nearly $65,000, marking a 30-day high and sparking optimism about further upside potential. Several macroeconomic factors and market trends are supporting this bullish outlook, with experts anticipating a potential rally for the leading cryptocurrency in the coming days. Prominent crypto investor Anthony Pompliano recently outlined some key reasons that could drive a BTC rally soon.

Is Bitcoin Poised for an ‘Uptober’ Rally?

Many market observers believe BTC is gearing up for a potential surge after weeks of volatile trading. Here are some of the top factors that may be bolstering market sentiment and could boost Bitcoin’s price:

Increased Market Liquidity to Fuel Bitcoin’s Rise

In a recent CNBC interview, Anthony Pompliano shared a bullish outlook for BTC, noting that “Bitcoin is the most sensitive asset when it comes to global liquidity”. He believes the latest US Fed rate cut and anticipated cuts by other central banks globally could help propel crypto prices higher.

For example, China has also revealed plans to lower policy rates to stimulate its economy. Pompliano added that central banks would likely shift focus towards “money printing”, further increasing global liquidity.

Lower rates and increased liquidity typically boost investors’ appetite for riskier assets like cryptocurrencies. Pompliano believes this environment could make BTC particularly attractive in the near term, potentially driving price appreciation.

Strong ETF Inflows and Institutional Interest

Recent Bitcoin ETF inflows and institutional demand signal growing market interest in the flagship cryptocurrency. US Spot BTC ETFs have seen over $140 million in inflows from September 23-24 alone, with total inflows reaching $839.9 million since September 12.

Additionally, the total year-to-date influx into US BTC ETFs hit a new record of $17.8 billion through September 24, according to Bloomberg Senior ETF analyst Eric Balchunas.

Institutional players like MicroStrategy continue to demonstrate confidence in Bitcoin. The company recently increased its convertible senior notes offering from $700 million to $875 million, with plans to use the proceeds to purchase more BTC.

Bitcoin’s Historically Bullish October Performance

Another factor boosting market sentiment is Bitcoin’s historical performance in October. According to CoinGlass data, BTC has typically shown positive momentum in October, with last year seeing a 28.52% monthly gain.

The term “Uptober” has become popular among crypto enthusiasts, combining “Up” and “October” to reflect the historically bullish trend. While past performance doesn’t guarantee future results, many experts remain optimistic about the market’s trajectory in Q4.

What’s Next for BTC Price?

Market participants are broadly anticipating a bullish Q4 for both traditional finance and crypto markets. The upcoming US Presidential election in November is also expected to inject optimism into the markets.

Regardless of the election outcome, crypto has become a key campaign issue. The market is betting on clearer regulations and continued innovation in the sector post-election.

As of writing, BTC price was up over 1% to $63,729, with trading volume rising 2% to $27.51 billion. The cryptocurrency touched a 30-day high of $64,804, reflecting growing market confidence. Bitcoin has gained 8% in September, bucking the typically bearish trend for the month.

BTC Futures Open Interest increased 1% to $35.09 billion, indicating stable market sentiment despite the recent surge. Overall exchange outflows suggest investors are accumulating Bitcoin. Some analysts are projecting Bitcoin could surpass $80,000 in October based on current momentum and market conditions.