This Is Why Bitcoin (BTC) May Reach $73,000 In October

Total Bitcoin Spot ETF Net Inflow. Source: SosoValue

Furthermore, shifts in the US economic environment strongly influence Bitcoin’s price. Since its launch, the coin’s price has been impacted by factors such as interest rate changes, inflation trends, employment data, and decisions made by financial regulatory bodies. Due to this, the uptick in demand or otherwise from US investors often impacts BTC’s price, making it imperative to track their activity.

US-based retail and institutional investors have recently increased their BTC accumulation, as evidenced by its Coinbase Premium Index. In a recent post on X, Julio Moreno, Head of Research at CryptoQuant, noted that increased BTC demand in the US pushed the coin’s price toward $65,000.

Bitcoin Coinbase Premium Index. Source: CryptoQuant

If sentiment remains bullish and demand for the coin in that region continues to rise, Bitcoin’s price may chart a course toward trading above $70,000 over the next few weeks.

BTC Price Prediction: Rising Open Interest Poses Risks

Bitcoin’s rising open interest is another good indicator that its price rally will continue. The coin’s open interest measures the total number of outstanding futures or options contracts that have not been settled or closed. Per CryptoQuant’s data, this currently stands at $19 billion, rising by 26% over the past 30 days.

Bitcoin Open Interest. Source: Santiment

Generally, the rise in an asset’s open interest signals increased market activity and could propel price to new highs. However, some analysts think it poses risks to holders of long positions.

“Open Interest is high, very high, with over $19.1B. We’re in a high-risk zone, and in my opinion, it’s not the best time for fresh long positions,” analyst JA Martuun said in an X post.

A combined reading of the on-chain data above points to a sustained bullish bias toward Bitcoin. If this trend is maintained, its price will establish local support at the $64,312 price level and aim to breach resistance at $67,929. A successful break above this level will set BTC on the path to trading at $73,777. It last reached this price level on March 14.