|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: BTC/USD Surges to $65K, Targeting $80K During "Uptober"
Sep 28, 2024 at 09:52 pm
Bitcoin (BTC) price has surged to $65,000 for the first time since early August, fueled by several macroeconomic factors that are pushing
Bitcoin (CRYPTO: BTC) price soared to levels not seen since early August on Friday, with the apex cryptocurrency continuing its rally amid a slew of macroeconomic developments that are pushing investors toward risk assets.
This resurgence has sparked optimism within the crypto community that Bitcoin could see a further rally, with some anticipating that the leading digital asset may reach $80,000 during what has been termed “Uptober,” a historically bullish period for Bitcoin.
While specific events and economic conditions are driving this optimism, some analysts caution that the market may face significant volatility in the coming weeks.
Bitcoin's price momentum is expected to be influenced by several key macroeconomic factors. The U.S. Federal Reserve's decision to cut interest rates by 50 basis points (bps) is seen as one of the main drivers, leading investors to reallocate capital toward risk assets like Bitcoin.
In addition to the Fed’s action, the People’s Bank of China (PBoC) has implemented its own interest rate cuts and introduced stimulus policies to stimulate its economy, which is another factor that could positively impact Bitcoin's price performance.
These developments are expected to increase liquidity in the financial markets, which could flow into Bitcoin and other cryptocurrencies. As world governments continue implementing monetary easing policies, this liquidity may fuel further growth in the Bitcoin market, especially with the demand for risk assets remaining strong.
Recent U.S. economic data also helped boost investor confidence in Bitcoin. The latest GDP figures and jobless claims show that the U.S. economy is performing well, further supporting the Federal Reserve's stance on continued interest rates.
This ongoing monetary easing is seen as a critical factor for Bitcoin's bullish outlook in October, as more capital is expected to enter the market. Additionally, reports indicate that Bitcoin could target higher prices, with some projections even suggesting a potential rally to $100,000.
At the time of writing, BTC was trading at $65,649.17, with a trading volume of $25.2 million. In the past 24 hours, the apex crypto has only gained by 0.40%. According to CoinMarketCap, Bitcoin is still top on the ranking, with a circulating supply of 1,300 trillion and a market cap of $1,300 trillion.
The prices show high volatility in the 24 hours. Starting at around $65,370, the asset went through price changes throughout the day. Notably, around 8:00 PM, Bitcoin spiked to approximately $66,400 and teetered and swung between high and low levels after that.
Another peak occurred near 4:00 AM, but the price ultimately settled at $65,660 by the end of the period. Despite the volatile behavior, this overall increase reflects an active market with substantial trading activity.
The MACD (Moving Average Convergence Divergence) indicator, a key measure of momentum, currently shows bullish signs. The MACD line crosses above the signal line, which is typically viewed as a signal of increasing upward momentum.
The Relative Strength Index (RSI) is currently at 66.15, nearing overbought territory. This suggests that while the market remains bullish, there could be some selling pressure if Bitcoin continues to rise at its current pace.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Ronin Network: 8-Year Staking Plan Promotes Long-Term Network Growth
- Sep 29, 2024 at 12:25 am
- The Ronin Network has devised an 8-year staking rewards plan to strengthen its standing and encourage ongoing involvement.
-
- Worldcoin Price Prediction: WLD Set to Skyrocket by 50% as Bulls Regain Control
- Sep 29, 2024 at 12:25 am
- The Worldcoin price had made a huge noise within the markets as it broke above the descending pattern. While the market participants believed the token reached $3 without any bearish interference, the token began to consolidate around a narrow range.
-
- RCO Finance (RCOF): A Promising Alternative to Cardano (ADA)
- Sep 29, 2024 at 12:25 am
- While the market is experiencing a major resurgence, with Bitcoin hitting $65,000, Cardano investors have faced a different reality. This token hasn’t surged as many expected
-
- Bitgert vs Altlayer Coin: Which Is the Better Investment?
- Sep 29, 2024 at 12:25 am
- The cryptocurrency market, with a bull run on the way, is looking great for investors right now. Bitcoin has hit the $65K mark and altcoins are also showing potential for growth.
-
- This Week in Crypto Venture Capital: Celestia Foundation Raises $100M, Infinex Secures $65.29M From NFT Sale
- Sep 29, 2024 at 12:25 am
- In this week's venture capital update, more than $253 million flowed into the crypto startup world, although the bulk of that funding went to the blockchain network Celestia Foundation.
-
- Neuraswap: Transforming AI Data Tokenization and Decentralized Trading
- Sep 29, 2024 at 12:25 am
- In an exciting collaboration, GPT Protocol has joined forces with ApeBond to introduce the first-ever AI-focused decentralized exchange (DEX)
-
- BONK and UNIT Surge Amid Market Activity Boost, RWA Tokenization Gains Traction
- Sep 29, 2024 at 12:25 am
- BONK has experienced a 5.70% surge over the last 24 hours trading at $0.000020. With a 24-hour trading volume of $181.6 million, BONK has captured attention
-
- BlockDAG Emerges as a Potential Leader in the Crypto Landscape for 2024, as XRP and Polygon Encounter Hurdles
- Sep 29, 2024 at 12:25 am
- In the world of cryptocurrencies, XRP and Polygon are encountering significant hurdles. Over the past year, Polygon’s market performance has dipped significantly, largely due to its role as a scaling solution for Ethereum.
-
- Why TAO (Bittensor) Holders Are Now Switching to Bitgert (BRISE)
- Sep 29, 2024 at 12:20 am
- With the crypto space maturing, TAO (Bittensor) investors are now looking for projects that can provide greater value in the long run.