Bitcoin Peaks At Highest Value In 2 Months Above $65,000: Bull Run Predictions
26 Septiembre 2024 - 2:00PM
NEWSBTC
For the first time in nearly two months, Bitcoin (BTC) has
surpassed the $65,000 mark, marking a significant recovery
following two notable downturns in August and September. During
these crashes, Bitcoin experienced a steep decline of 20% on two
separate occasions, specifically on August 5 and September 6.
However, as October approaches—a month often associated with a
bullish resurgence for Bitcoin—market predictions are increasingly
optimistic, suggesting that the cryptocurrency might be gearing up
for another major uptrend. Could Bitcoin Reach $79,000 In October?
On Thursday, Bitcoin recorded a 3% increase within a 24-hour
period, reaching a price of $65,500. This upward movement has
sparked discussions among analysts about whether this signals the
start of a parabolic bull run. Related Reading: BlackRock Continues
To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion
Crypto investor Scott Melker expressed this sentiment,
emphasizing that Bitcoin is currently attempting to establish its
first higher high since peaking at $74,000 in March of this
year. Melker noted that closing above $65,000 would confirm a
new upward trend, transitioning from the lows of $50,000 observed
in August. This pattern—a low, high, higher low, and higher
high—suggests a bullish market structure replacing the previous
bearish trends. Historically, October has been a strong month for
Bitcoin, with analysts like Lark Davis pointing out that the
average return during this month is approximately 22.90%. If
Bitcoin were to experience a similar increase this year, it could
potentially rise to around $79,000, surpassing its previous
all-time high and overcoming key resistance levels. Such a move
would set the stage for a powerful rally into November according to
Davis’ analysis. Record-Breaking Performance In September In a
further analysis, Rekt Capital provided insights into Bitcoin’s
recent performance. He noted that September, often viewed
negatively, turned out to be the best September for Bitcoin on
record, with a 9% increase. Rekt also highlighted historical
patterns related to Bitcoin’s Halving cycles, indicating that
Bitcoin typically breaks out from its re-accumulation range
approximately 154 to 163 days post-Halving. Currently,
Bitcoin is 159 days past its last Halving that took place in April
of this year. Based on previous cycles, Rekt believes that this
timing suggests that a breakout could be imminent, reinforcing the
idea that Bitcoin is well-positioned for significant gains in the
near future. Related Reading: Dogecoin Eyes Bullish 50% Rally To
$0.16, But Will A Crash Come First? The current resurgence can be
attributed to the US Federal Reserve’s (Fed’s) dovish stance and
recent 0.50% basis point (bps) interest rate cut on September 18,
which was seen as a notable bullish catalyst not only for BTC but
also for the broader market, which has followed Bitcoin’s
performance to the upside in recent days. In addition, last
week saw a resumption of inflows into the Bitcoin ETF market,
following steady outflows throughout August and early September.
For instance, US spot Bitcoin ETFs had a total net inflow of $106
million on Wednesday, continuing their net inflows for 5
consecutive days. BlackRock’s IBIT ETF had an inflow of $184
million. Overall, there seems to be a combination of bullish
catalysts in place for the market’s largest cryptocurrency to
continue its recovery, with massive gains expected in the last half
of the year and early 2025. Featured image from DALL-E, chart
from TradingView.com
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