- Bitcoin is lagging in October, but analysts say its steadiness signals strength.
- The “digital gold” has failed to keep pace with physical gold, which is reaching new highs.
- One analyst says a massive move similar to late 2024 “will begin very soon.”
Strange and deceptive calm has settled over the Bitcoin market.
While its analog cousin gold is once again climbing to all-time highs and US stocks are basking in green, the king of crypto remains stuck in a frustrating consolidation pattern, stubbornly refusing to join the rally.
But to some of the sharpest market watchers, this is not a sign of weakness; it is a subtle coiling, a calm before a powerful and menacing storm.
Price action has been a familiar and vexing story for bulls. Bitcoin has fallen about 1.2 percent in the past 24 hours to roughly $111,500, and the broader crypto sector has suffered even steeper losses.
Yet beneath this slow surface, a strong undercurrent of institutional demand and shifting macroeconomic forces are quietly laying the groundwork for a major breakout.
Prediction of a powerful move
Speaking at the Digital Asset Summit in London on Wednesday, Quinn Thompson, chief investment officer at Lekker Capital, delivered a bold, bullish forecast.
He argued that Bitcoin’s current disconnect from gold is a temporary anomaly that will correct forcefully.
“I contend that we will catch up to gold,” he told the audience.
“It starts very soon, and the move coming to bitcoin and crypto will broadly resemble what we saw in November 2024 and October 2023.”
Those were periods of explosive, parabolic gains, and Thompson’s forecast signals his belief that a similar conflagration is about to ignite.
Demand “floor,” a path to $150,000
This view is not held in isolation. Matt Mena, a crypto research analyst at 21Shares, expressed a similar opinion, saying Bitcoin’s notable resilience in the face of global uncertainty demonstrates its underlying strength.
He said this “underscores how structural demand — anchored to ETF inflows and dovish policy expectations — continues to provide a floor.”
With speculative leverage recently washed out of the system and a new era of looser monetary policy on the horizon, Mena now projects that Bitcoin could rise to $150,000 before the end of the year.
The Fed’s shadow looms large
Everyone agrees the key to unlocking this potential rests with the US central bank. Market conviction that the Federal Reserve is on a steady path toward easing policy is the primary engine behind the current “risk-on” sentiment.
That conviction was bolstered on Wednesday when the Fed’s Beige Book reported growing signs of weakness in the US labor market.
Fed Chair Jerome Powell himself has acknowledged this “softness,” a clear signal to markets that rate cuts are very much on the table at the two remaining policy meetings this year.
For now, Bitcoin waits — a sleeping giant biding its time. But if the analysts are right, its slumber may be heading toward a dramatic and explosive finale.