Analyst Predicts ‘Uptober’ Rally for Bitcoin Regardless of Fed’s FOMC Decision

Two prominent crypto analysts point to bitcoin’s lag versus gold and the S&P 500 as well as the “Uptober” trend as reasons to be bullish on BTC.

• Bitcoin traded at $116,236 on Sept. 17, holding support above $116,000 after touching a high near $117,317 earlier in the day.
• Dean Crypto Trades said bitcoin has compressed more than gold and the S&P 500 since the post-election rally, making it likely to lead the next larger move.
• Lark Davis said every September FOMC since 2020 — except in 2022 — has preceded strong bitcoin gains, reinforcing the seasonal “Uptober” trend.

Bitcoin traded at $116,236 as of 14:04 UTC on Sept. 17, up about 1% in the past 24 hours, holding above a key level as markets await the Federal Reserve’s policy announcement.

Following that peak, bitcoin tested the $116,400–$116,600 range multiple times, confirming it as a short-term support zone. In the final hour of the session, between 11:39 and 12:38 UTC, BTC attempted a breakout: prices moved narrowly between $116,351 and $116,376 before spiking to $116,551 at 12:34 on higher volume. This confirmed a consolidation-breakout pattern, though the gains were modest.

Overall, bitcoin remains firm above $116,000, with support around $116,400 and resistance near $117,300.

The one-month chart shows bitcoin climbing from lows near $108,000 in late August to recent highs above $117,000. The trend remains upward, though the past few sessions show consolidation, suggesting the market is pausing before its next move.