October typically sees strong performance for crypto assets, but according to Wintermute, options traders are predicting potential declines in the weeks ahead, with a potential upturn anticipated after the U.S. elections. In the past 24 hours, Bitcoin fell by 3.7%, while major altcoins like XRP, ADA, DOT, and LINK experienced declines exceeding 5%. SOL and ETH, however, showed more resilience during this market downturn. Despite these fluctuations, Bitcoin is poised to finish September with a nearly 7% gain, its best monthly performance since 2013. Charlie Morris of ByteTree has raised concerns about whether the widespread expectation of a strong October could disrupt the usual market patterns.
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Bitcoin Price Could Hit Record High This Week
“Bitcoin Price Could Hit Record High This Week, Say Two Analysts – Read the Details Here”
“Bitcoin Price Could Hit Record High This Week, Say Two Analysts – Read the Details Here”
Bitcoin investors are gearing up for an eventful week amid predictions of potential record highs for BTC.
October typically sees bullish trends in cryptocurrencies, a pattern analysts foresee continuing this year. According to CoinMarketCap, Bitcoin has historically surged by an average of 90% in the fourth quarter over the past decade.
In their newsletter “Connecting the Dots,” David Brickell of FRNT Financial and former forex trader Chris Mill anticipate significant market movements ahead. They suggest Bitcoin could hit new all-time highs soon, driven by favorable market conditions.
Market optimism is evident on Deribit, where options betting on Bitcoin surpassing $100,000 by December 27 are highly traded, underscoring confidence in a year-end peak.
Two key factors underpin this bullish sentiment: China’s economic stimulus efforts and anticipated Federal Reserve actions. China’s recent measures, including issuing $284 billion in bonds and reducing bank reserve requirements, are expected to inject liquidity into global markets, potentially boosting Bitcoin’s value.
Following these developments, Bitcoin briefly surged to $66,300, its highest since July, settling around $63,000 thereafter. Despite this, market observers remain upbeat about future gains.
Investors are also awaiting Federal Reserve Chairman Jerome Powell’s upcoming speech and the release of U.S. employment data, events likely to influence market sentiment further.
*Disclaimer: This content is for informational purposes only and does not constitute investment advice.
CleanSpark CEO Forecasts Bitcoin Price Surge to $200,000 in 18 Months
The CEO of CleanSpark predicted that Bitcoin’s price will rise to $200,000 in the next 18 months, representing a 210% increase from current levels. He made his forecast in an interview with Bernstein, citing expected Federal Reserve rate cuts, the conclusion of the U.S. presidential election, and post-halving dynamics.
CleanSpark is the third-largest mining company by market capitalization after Marathon Digital and Core Scientific. In the last nine months, the company reported revenue of $289 million and holds 7,558 bitcoins on its balance sheet, worth $482 million.
This optimistic prediction aligns with expectations from other analysts, including Michael Saylor of MicroStrategy, who predicts Bitcoin’s price to reach $13 million by 2045.
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