Bitcoin returned to normal this week. The market awaits with anticipation where Bitcoin will reach in October. The top cryptocurrency is known to perform well at the beginning of each month. In addition, recent performance of the token is encouraging. return above $63,000 has traders pondering a potential return to $70,000 in what the market calls ‘Uptober.’
Investors have been concerned by the performance of summer. In August and Septembre, this asset was struggling along with the larger crypto market. The asset was down by a significant amount earlier this month. reached lows of $53,000The recent turnaround of the stock has sparked speculation about a possible correction.
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Bitcoin at $70,000 BTC Could be Poised for Massive ‘Uptober’
Bitcoin experienced a series of highs unprecedented in 2024 and lows that were notable. In the early part of this year, Bitcoin became the world’s first cryptocurrency-based ETF. Only three months after that, it reached its all-time highest price. But it’s been a struggle to get back to the previous level.
In the last thirty days, tokens have increased by 3 percent, according to CoinMarketCap. Yet, the 8% gain in its last seven-day period has set it up for the recent rise of $63,000. All eyes now are focused on the performance of the asset in the next month. Traders have become more optimistic.
Bitcoin is expected to return to $70,000 in the coming months. Crypto analyst Ali Martinez X (formerly Twitter), took to X to discuss the asset’s potential as it heads into the next months. Specifically, in the prospect of ‘Uptober’ returning once again.
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Martinez pointed out in his post that Bitcoin was trying to disappear. “break through an important trend line.” But he did note that any close over $61,500 could signal a breakthrough. “resumption of the bull market,” The leading cryptocurrency.”
With the Federal Reserve cutting interest rates for the first time in four years, there is immense potential for Bitcoin in October. Fellow crypto analyst Also, the BTC monthly averages reinforced its performance in October.
Bitcoin’s future depends on a positive attitude towards the digital asset. It could grow if it remains a focal point of the US presidential election in 2024. Bitcoin could see a significant increase in value if Donald Trump wins the presidential election.
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Source: watcher.guru