2473: Uptober Is Here - The Road to $1,000,000 Bitcoin

Bitcoin rose roughly 40% in the third quarter, moving from near $60,000 to above $83,000 and outperforming gold, the S&P 500, and silver. The introduction called it Bitcoin’s strongest third quarter since 2017. Figures attributed to Plan B put September’s close at $83,563, above both the $54,000 realized price and the $66,000 200-week moving average. Bitcoin entered October after three consecutive green months.

The host said 82% of Bitcoin addresses and 80% of UTXOs were in profit as October began. He also pointed to US M2 money supply reaching an all-time high and linked fiat expansion to Bitcoin’s appeal. The episode presented those figures alongside strong quarterly performance as support for the “Uptober” outlook, while treating price targets as forecasts rather than certainties.

Citi raised its 12-month Bitcoin forecast to $113,000 from $82,000, citing stronger crypto activity, supportive macro conditions, and renewed ETF inflows. Bitcoin reportedly moved above $85,000 as the odds of a Federal Reserve rate hike fell from 70% to 26% following hints of a possible pause. Meanwhile, the US 10-year yield rose above 5.3%, its highest level since April 2002, adding a contrasting signal to the macro picture.

JayVee called $100,000 a realistic October target and said a break above $90,000 within the next couple of weeks felt inevitable. The host cited a 56% Polymarket probability of Bitcoin topping $90,000 that month, a measure of market expectation rather than a guarantee. JayVee considered $1 million by year-end too bullish, but plausible by the end of the decade; he suggested $1.1 million by 2029 and pointed to the 2028 halving.

The host said Samson Mow was reaffirming his view that Bitcoin is headed to $1 million. Kathy Wood attributed pressure on Bitcoin to a flash crash, quantum-computing fears, and AI drawing attention and miners away, while noting that stablecoins had changed the landscape. She called quantum fears overblown and said she had not changed her $1 million forecast. JayVee also characterized quantum threats as bear-market fear, arguing that computers capable of posing the threat do not yet exist; he cited Trezor Safe 7 as quantum-ready hardware.

JayVee said Bitcoin had been outperforming gold, which he described as declining, and called the current Federal Reserve the most pro-Bitcoin in history. The host argued that Bitcoin’s 21 million coin cap could intensify competition among institutions and governments, and speculated that only two to three million coins might be available for purchase. He also said Michael Saylor has stated that Strategy will keep buying Bitcoin at prices of $1 million, $10 million, or $50 million.

Congress is considering crypto rules that could allow banks and credit unions to hold Bitcoin. The host argued that Bitcoin can function without US regulatory clarity, but warned that the country could lose ground to others without it. He cited South Korea’s central bank discussing Bitcoin and crypto adoption, alongside movement toward crypto rules or adoption in Japan, the UK, and Pakistan.