Bitcoin Bulls Target $150K in Uptober Rally, Ethereum Forms Pattern for Breakout Rally

The “Uptober” hype is already living up to expectations, with the Bitcoin (BTC) price rallying to a new all-time high (ATH) of $125,506. Analysts have predicted that the Bitcoin price could continue its run to $150,000 in “Uptober” as the BTC exchange reserve drops to a six-month low, massive ETF inflows, and a weakening US dollar.

Ethereum (ETH) ETFs also just recorded their second-biggest inflows in history, suggesting renewed confidence in the asset. As a result, there are several predictions from top analysts that suggest that the Ethereum price will rally to a new ATH.

Bitcoin (BTC) Could Pump To $150K Soon As Indicators Turn Bullish

On Sunday, October 5th, the price of BTC pumped to a new ATH at $125,506. The Bitcoin price has now gained more than 9% since the start of Uptober, solidifying the hype surrounding the month. Bitcoin has formed a lower high around the $124,000 range and looks to extend its rally.

This high comes as Bitcoin and Ethereum ETFs collectively attracted inflows of more than $4.6 billion in the first week of Uptober. In addition, BTC held on exchanges dropped to a six-year low of 2.83 million BTC on Saturday, per data from Glassnode, after more than $14 billion left exchanges in the last two weeks.

With Bitcoin’s recent high and the bullish outlook of the market, the prominent crypto analyst CrediBULL Crypto has said that the Bitcoin price could blast through $150,000 for a new ATH. According to the analyst, a dip into the “$108 to $118k” zone will be a blessing, but it may not happen.

Crypto Chase shared a similar prediction, posting on X that “a new leg up seems likely.” However, he set his first target as low as $130,000.

Ethereum (ETH) Forms Bullish Pattern for New ATH

Fueled by massive inflows in Ethereum ETFs, the price of ETH has been just as bullish as Bitcoin. On the 7D price chart, Ethereum has increased by more than 11.4% and now trades around $4,570, less than $400 away from its all-time high.

While the Ethereum price has a major resistance level to break through around $4,600, then $4,750, analysts have shared very optimistic outlooks about the leading altcoin. Mister Crypto has shared a textbook bull flag pattern on the 1D timeframe. 

According to the analyst, if this bullish continuation pattern plays out, the Ethereum price would target $6,800 for a new ATH. Cas Abbé, one of the top long-term traders, has shared a similar sentiment. 

The analyst believes that the Ethereum price has one of the best-looking charts out there. The Ethereum price has formed a perfect breakout after retesting to flip the $3,800 resistance into support. Now Ethereum is going up, the breakout target for this pattern is around $7,500, which could happen by the end of the fourth quarter.

In Summary

Uptober is living up to the hype, with Bitcoin and Ethereum experiencing significant price increases. The October boom may be the precursor to two largest cryptocurrencies rocketing to new all-time highs in the fourth quarter, as the market remains extremely bullish.