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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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.