- Bitcoin is on fire! The leading digital currency, Bitcoin, saw a significant 27% increase in October, surpassing $35,000, its highest level in 17 months.
- This sudden surge in the price of Bitcoin followed a relatively stable period in the first half of October when it was fluctuating around $27,000.
- Looking ahead, Bitcoin’s October rally and the possibility of an upcoming annual all-time high extension have sparked discussions of a significant upward extension.
Bitcoin price made a remarkable 27% upward move in October: Now what will be the next target of Bitcoin price?
Bitcoin’s Incredible Surge Revives the Market
Bitcoin is on fire! The leading digital currency, Bitcoin, saw a significant 27% increase in October, surpassing $35,000, its highest level in 17 months. This rally raises questions for investors: Is Bitcoin on the verge of another bull run? Could $40,000 be the next target for Bitcoin?
This sudden rise in the price of Bitcoin came after a relatively stable period in the first half of October when its price was fluctuating around $27,000. Some believe that the recent Bitcoin price surge might be related to false reports about BlackRock’s spot ETF approval.
Meanwhile, the impact of this rally is not limited to Bitcoin alone. The entire cryptocurrency market experienced an increase, with the total market value surging by almost 19% to reach $1.255 trillion. This increase in crypto wealth is the largest one since a 33% surge in January.
Looking to the future, the October breakout of Bitcoin and the possibility of an upcoming annual all-time high extension have sparked discussions about a significant upward extension. Many experts have their eyes on the $40,000 target in the coming weeks, while some believe this is just the beginning.
Did Panic Buying Really Help?
Crypto investment services company Matrixport claims that high funding rates in the derivative markets indicate that many traders engaged in “panic buying” due to the fear of missing out on the rally. Rumors surrounding Bitcoin ETFs, industry-specific momentum, short liquidations, and macroeconomic factors have all contributed to this surge.
Ryan Rasmussen, an analyst at Bitwise Asset Management, believes that a spot Bitcoin ETF could generate between $50 billion and $100 billion within the next five years. While many are awaiting the SEC’s decision on Bitcoin ETFs in December, a lot of people believe that Bitcoin could continue its ascent.
It’s not just Bitcoin; other cryptocurrencies are also performing well. Solana (SOL) has provided an incredible 70% return, and Ethereum’s price has increased by 7%. The price surge in October has brought new hopes to the cryptocurrency market and is getting closer to the $40,000 mark.
