Bitcoin Set for Major Pumps Amidst France Acquisition Rumors, Analyst Says Cardano is Primed for Breakout Rally

Bitcoin has turned green for October after experiencing major dips during the month. With the recent Bitcoin price rebound and rumors on crypto Twitter that France is considering a bill to accumulate 2% of BTC’s total supply, analysts believe that the leading crypto could still pump higher in this bull market.

A top crypto analyst, Ali_Charts, has also shared optimistic predictions for Cardano (ADA), an altcoin that has underperformed in this bull market. According to the analyst, Cardano is inching towards a symmetrical triangle breakout that could lead to a price increase of up to 157%.

Bitcoin Rebounds, Could See New ATH As France Purchase Rumors Spread

Since the Bitcoin (BTC) price plunged to $103,000 two weeks ago, BTC has been recovering steadily, now recovering back above the $113,500 support level. According to CoinMarketCap, BTC has increased by 5.6% and now trades above $114,500. With the recovery, Bitcoin has now entered the green territory for October, reviving the “Uptober” calls. 

The Bitcoin price rally comes amidst reports on X that France is considering a bill to buy 2% of Bitcoin’s total supply as part of a Bitcoin Strategic Reserve move. According to the Bitcoin Archive, this bill proposes the acquisition of 420,000 BTC over 7-8 years, as well as utilizing nuclear and hydroelectric power to mine Bitcoin.

While the news hasn’t been confirmed by the French government, there have been massive Bitcoin purchases. American Bitcoin recently announced that it had acquired 1,414 Bitcoin to increase its strategic reserve to 3,865 Bitcoin.

Analysts have also shared very bullish Bitcoin price predictions. According to Max Crypto, since Bitcoin has bounced back from a strong support zone, $BTC could outperform gold heavily now. According to the analyst, the Bitcoin price is moving towards $150,000 in the fourth quarter. 

Cardano Looks Primed for a Major Breakout Rally

Unlike Bitcoin, Cardano (ADA) has underperformed the market in this bull cycle, losing more than 21% of its value year-to-date. However, the Cardano price has been steadily climbing back from the black Friday market crash. ADA now trades above the $0.6600 support level.

With the recent recovery, Ali Martinez has noted that the price outlook of Cardano has been bullish, as it trends within a symmetrical triangle. According to the popular chartist, ADA has been consolidating within the triangle, and a breakout could be on the horizon.

According to his analysis, ADA has been trading in a tight range in the symmetrical triangle since its December high of $1.32. After the ADA price was rejected from retesting the upper trendline of Carda o, it pushed to $1.02 in August, and it has dumped towards its lower support at $0.59.

With the recent rebound, the analyst is now bullish about the price action of Cardano. If ADA breaks out of this triangle pattern, the analyst suggests that the Cardano price could break out with a target as high as $1.7, representing a 157.5% price increase for the cryptocurrency.