30s Summary
Bitcoin exhibits bullish signs as it closes out ‘Uptober,’ with a potential increase in prices ahead. Volatility predicts end-month prices around $67,000 and the upcoming US elections and Federal Reserve rate meeting will likely impact Bitcoin’s value. Notwithstanding its downward trajectory since March, Bitcoin recently upturned, and has seen increasing US interest. Larger-scale investors continue buying Bitcoin even as retail investor interest wanes – a condition that previously resulted in price surges. The bullish trend is underscored by the ‘golden cross’ phenomenon and a rise in Bitcoin ownership in the US, indicating the possible onset of another Bitcoin bull run.
Full Article
As we close out ‘Uptober,’ Bitcoin (BTC) is showing some bullish signs, with traders speculating on potential for increased prices in the near future.
Here’s a rundown of what’s happening with Bitcoin:
1. There’s expected to be a “very volatile” end to the month for Bitcoin with prices that could slip towards $67,000, due to the CME futures gap.
2. The upcoming US elections and Federal Reserve rate meeting, both happening next week, are expected to impact Bitcoin’s value.
3. Bitcoin has finally seen an upturn, after being on a downward slope since March.
4. More and more people in the US are getting into Bitcoin. This trend is seen as crucial for a healthy bull market.
5. Despite low interest from retail investors, larger-scale investors (“whales”) are still buying more Bitcoin, a move that historically results in price increases.
Another bullish sign for Bitcoin is the recent “golden cross” when the 50-day simple moving average (SMA) crossed above the 200-day SMA. The last time this happened a year ago, Bitcoin value more than doubled over the next five months.
Plus, the coming week will see a flurry of US macroeconomic data released that is likely to influence crypto prices. All eyes are on the upcoming US Presidential Election results and the Federal Reserve’s decision on interest rates.
Additionally, the percentage of Bitcoin owned by US entities has started to climb for the first time since March. Whales are continuing to buy more Bitcoin while retail interest remains lackluster, however, this hasn’t stopped Bitcoin prices from soaring in the past.
This situation is similar to that at the start of the bull run in early 2025. Hence, there’s hope we might be entering another Bitcoin bull run. So keep your eyes open for potential opportunities! But as a reminder, investing in cryptocurrencies always comes with risks, so do your due diligence.
Source: Cointelegraph