Connect with us

679541931727359450

Published

on

24/7 Cryptocurrency News

Bitcoin Price Hits $65K Since August, Will BTC Reach $80K in Uptober?

Published

on


The Bitcoin price has hit $65,000 for the first time since early August, thanks to several recent developments that provide a bullish outlook for the flagship crypto. These developments are also why there is the belief that this BTC rally can extend, with its price rising to $80,000 in Uptober, a term used to describe Bitcoin’s bullish nature in October.

Bitcoin Price Can Reach $80,000 In Uptober

Several factors support the Bitcoin price reaching $80,000 in October. One is the macro side, which has provided a major boost for the crypto market, with investors again allocating a significant amount of their capital to risk assets. These macro developments began with the US Fed rate cuts last week when the Federal Reserve cut interest rates by 50 basis points (bps).

This week, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. CoinGape reported that that move was bullish for BTC, noting that the Bitcoin price targets $100,000 following China’s stimulus package and its crypto trade with Russia.

Meanwhile, the latest US GDP data and jobless claims showed that the US economy is healthy, supporting the Fed’s move to cut interest rates by two more 25 bps this year. These world governments will continue adopting monetary easing policies to boost their economies.

In line with this, more liquidity will flow into the BTC ecosystem in October. A Coingape report states that this market liquidity will aid Bitcoin’s surge, which is one of the reasons why its price is likely to keep rallying in October. 

From A Historical And Technical Perspective

From a historical and technical perspective, the Bitcoin price also looks poised to rally to $80,000. Coinglass data shows that October has been one of the most profitable months for BTC in the last eight years.

For context, the flagship crypto has only recorded monthly losses once in October over this period. Moreover, Bitcoin’s gains in October have been double digits. The only time the crypto recorded a single-digit gain was in 2022 when it closed the month with a 5% gain.

In his recent analysis, crypto analyst Jelle suggested that Bitcoin can reach $80,000 in October. The analyst noted that the market structure is now bullish, considering that BTC has breached the $65,000 resistance level. The analyst’s accompanying chart showed that $80,000 was the price target as the flagship crypto continues its uptrend.

ImageImage

Market Volatility Ahead Of October

A lot could still happen between now and Uptober, with the Bitcoin price gearing up for heavy market volatility. CoinGape reported that 89,027 Bitcoin options will expire today, with a notional value of $5.8 billion. The put-call ratio is $0.64, which suggests a bullish sentiment ahead.

The US Core PCE inflation data is also set to be released today by 1:30 p.m. UTC. This could also spark a lot of volatility for the BTC price. The current forecast is that the PCE price index rose by 0.2% in August.

For now, $65,000 remains the key level that Bitcoin bulls must defend if the BTC rally is to extend. Crypto analyst Ali Martinez revealed that 57.77% of Binance users with open positions are currently shorting BTC. This is also something to watch out for, although Bitcoin is currently on course to record its most profitable September ever, having surged by over 10% this month.

ImageImage

At the time of writing, the BTC price is at around $65,400, up over 2% in the last 24 hours. Trading volume is up over 57%, with $39 billion traded during this period.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Partner Content

Altcoins under $10 offering better upside than Avalanche

Published

on



Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Toncoin and Avalanche gain momentum, while the leading DeFi platform DTX Exchange steals the spotlight by securing nearly $3 million in presale.

DTX Exchange (DTX) has become the new favorite AI-crypto among investors after its presale followed a bullish rally for a continued 2-week period. Its fast-selling presale has ranked it among one of the biggest presales of 2024. Following the bullish sentiment, Toncoin (TON) and Avalanche (AVAX) have also joined the DTX Exchange in this bull cycle, promising more gains.

Toncoin price recovers as bulls take control

Toncoin is trading at $5.70 with a 24-hour trading volume of $328 million, surging by 69% (approximately $226 million). The Toncoin network has experienced surprising market support after its trading value surged by 2.07% in a single day. This price rally indicates the Toncoin network is entering a stabilization phase, aiming for more rallies in near term.

Following this news, the number of addresses and transactions on DEXs within Toncoin has also surged. The increased network activity signals growing interest among investors and traders as they move toward Toncoin to secure profits after the project escapes the volatile market’s prolonged bearish sentiment.

Analysts predict that Toncoin will gain more price improvements in the highly anticipated bull cycle. If Toncoin overcomes market challenges and shows stability in its current price point, it can aim for higher grounds. While the initial price surge cannot predict a future rally, investors are positive for a bright outcome for Toncoin based on its price chart pattern.

Avalanche trading volume soars by $216 million

Similar to Toncoin, Avalanche has also received decent price improvements in the last 7 days. In a matter of a week, the Avalanche network has surged by 18.9% (now trading at $27.7). This bullish rally was followed by a whopping 51.5% surge in its 24-hour trading volume, pushing it to the $426.22 million mark.

Avalanche network’s ability to handle 4,500 transactions per second is surfacing the web once again after its viral price surge circulated on the web. Investors and traders are rejoining its network following the market bull’s support toward the Avalanche network. Its $11.27 billion market cap also delivers support for Avalanche and its holders.

Avalanche currently owns a circulating supply of 406,008,604 AVAX, while its maximum supply is capped at 715,748,719 AVAX.

DTX Exchange to offer traders upto 25x opportunity

The presale powerhouse DTX Exchange has joined Toncoin and Avalanche as they surge past major cryptocurrencies with a bullish rally. While TON and AVAX have gone bullish following heightened public demand, the DTX Exchange is defying the bearish market sentiment with its skyrocketing presale momentum.

DTX Exchange has become the most accessed hybrid exchange through its premium set of offerings for its members. The platform benefits its users through a revenue-sharing model as well as deploys a zero-commission policy to help traders to make the most of the platform, gain access to premium features, and enjoy reduced trading fees.

DTX Exchange demand goes sky-high, dominates TON

The current presale rally in the DTX Exchange platform has outshined Toncoin after it bagged $200,000 in a single day. DTX Exchange implements distributed liquidity pools to tackle liquidity issues in the speculative market. These pools gather funds from different sources, including external exchanges, liquidity providers, and user deposits.

As a result, DTX traders receive reduced slippage, improved market depth, and increased market accessibility. The liquidity pools attract more market participants, offering a broader and diverse pool of traders. DTX Exchange’s successful presale has sold over 12 million tokens to date with over 10,000 unique token holders in the community and counting.

To learn more, visit the presale website, visit the DTX website and join the DTX community.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.



Source link

Continue Reading

Biden

Global Effort Disrupts Russia Linked Network Using Crypto to Evade Sanctions, U.S. Charges Two Russians

Published

on




Russian nationals Sergey Ivanov and Timur Shakhmametov have been charged for their involvement in operating money laundering services that catered to cybercriminals using cryptocurrencies, U.S. authorities announced on Thursday.



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon