Bitcoin’s October slowdown masks underlying strength, analysts say

• Bitcoin is lagging in October, but analysts say its stability signals strength.
• The “digital gold” is failing to rally alongside gold, which is hitting new highs.
• One analyst says a massive move, similar to late 2024, “will start very soon.”

A strange and deceptive calm has settled over the Bitcoin market.

While its analog cousin, gold, is once again surging to new all-time highs and US stocks are basking in the green, the king of crypto remains stuck in a frustrating holding pattern, stubbornly refusing to join the party.

But for some of the market’s sharpest observers, this is not a sign of weakness; it is the quiet coiling of a spring, the calm before a powerful and imminent storm.

The price action has been a familiar and frustrating story for the bulls. Bitcoin has slipped 1.2 percent over the past 24 hours to $111,500, with the rest of the crypto sector seeing even steeper losses.

But beneath this sluggish surface, a powerful undercurrent of institutional demand and a shifting macroeconomic tide are quietly building a case for a major breakout.

A prophecy of a powerful move

Speaking at the Digital Asset Summit in London on Wednesday, Quinn Thompson, the chief investment officer at Lekker Capital, delivered a bold and bullish prophecy.

He argued that Bitcoin’s current decoupling from gold is a temporary anomaly that is about to violently correct itself.

“I posit that we will catch up to gold,” he told the audience.

“It will start very soon and the move that is about to come in bitcoin and crypto broadly will resemble a November 2024 and an October 2023 type of move.”

These were periods of explosive, parabolic growth, and Thompson’s prediction is a clear signal that he believes a similar fire is about to be lit.

A ‘floor’ of demand, a path to $150,000

This view is not held in isolation. Matt Mena, a crypto research analyst at 21Shares, voiced a similar outlook, arguing that Bitcoin’s remarkable durability in the face of global uncertainty is a testament to its underlying strength.

This, he says, is “underscoring how structural demand—anchored by ETF inflows and a more dovish policy outlook—continues to provide a floor.”

With the speculative leverage recently flushed out of the system and a new era of monetary easing on the horizon, Mena is now projecting that Bitcoin could climb to $150,000 before the end of the year.

The shadow of the Fed looms large

The key to unlocking this potential, all agree, lies with the US Federal Reserve. The market’s conviction that the central bank is on a firm path to continue easing its monetary policy is the primary engine of the current “risk-on” mood.

That conviction was strengthened on Wednesday with the release of the Fed’s Beige Book, which reported growing signs of weakness in the US labor market.

Fed Chair Jerome Powell himself has acknowledged this “softness,” a clear signal to the market that further rate cuts are very much on the table for the two remaining policy meetings this year.

For now, Bitcoin waits, a sleeping giant biding its time. But if the analysts are right, it is a slumber that is about to come to a spectacular and explosive end.