Bitcoin Eyes $116K Close to Sustain Uptober Rally, $162K Year-End Target
Bitcoin is racing to close above $116,000 by Wednesday’s October 29 deadline to secure its seasonal rally. The historical seasonal rally averages 7% gains since 2015. After briefly touching $116,000, Bitcoin slipped back to $113,000, putting Uptober returns at around 4.5%. Market catalysts such as a Federal Reserve rate cut and a potential US-China trade deal offer upside. Short-term technicals remain constructive, with the hourly RSI rebounding to signal hidden bullish divergence. Looking ahead, Timothy Peterson’s seasonality model still targets $162,000 by December, underscoring potential long-term strength. Traders should watch the $116,000 threshold for signs of breakout or pullback.
Bullish
Bitcoin’s push to reclaim $116K by Wednesday adds short-term pressure, but positive catalysts and technical signals support upside. The hourly RSI shows hidden bullish divergence. Anticipated Fed rate cuts and a potential US-China trade deal could fuel further gains. Historical seasonal rally data and Peterson’s model targeting $162K by December underline long-term strength. Holding above $116K may trigger a bullish breakout; failure could lead to a pullback. Overall, seasonal and fundamental factors point to a bullish outlook.