Bitcoin Is Trading Above $65,000 – Is a BTC Rally Coming Now?

Bitcoin is heading for a positive end to the month, with the price curve seemingly effortlessly crossing the $65,000 mark on Friday night, September 27th. This shows that the main cryptocurrency can end September, which is known to be weak, with a plus.

Experts attribute the current gains in Bitcoin to good figures from the US labor market and announcements from China that it will put together a multi-billion dollar economic stimulus package and lower key interest rates. The US Federal Reserve implemented the last step last week, laying the foundation that theoretically makes investments in Bitcoin (ETFs) more attractive than before in terms of financial policy.

On the other hand, skeptics argue that Bitcoin derivatives are settled at the end of the month and that this can have difficult-to-predict effects on the BTC price curve. Meanwhile, there are signs from traditional exchanges that interest in teh cryptocurrency is strong.

According to SoSo data, Bitcoin ETFs in the US recorded significant capital inflows of $365 million yesterday, closing the sixth trading day in a row positively. Bitcoin ETFs are currently proving to be the most important source of new, capital-rich investors. Since the Bitcoin ETFs debuted in January, they have channeled a good $18 billion towards BTC, breaking records in the competitive ETF market in the US.

Optimists are now hoping for an “Uptober”, because historically October is a month in which Bitcoin gains an average of 30 percent. This October, compensation payments from the FTX bankruptcy are also set to begin, of which several billion US dollars could flow back into Bitcoin and Co. A further expected reduction in the US base interest rate could also benefit Bitcoin.

Conclusion: Is everything rosy with Bitcoin?

It is not only in the USA that Bitcoin is often compared to gold. The precious metal is currently experiencing a renaissance, as our infographic shows. The price of gold is currently moving from one all-time high to the next almost daily. For the “digital gold” Bitcoin, the striking all-time highs of $67,000 from 2021 and $74,000 from this March are the next benchmarks if the upward trend continues.

In the crypto industry, meanwhile, price targets of $100,000 and more this year continue to circulate, with Standard Chartered Bank going particularly far out on a limb with its forecast of $150,000 per Bitcoin before the New Year. At least in the snapshot, Bitcoin seems to be preparing for further price gains.

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(Featured image by Erling Loken Andersen via Unsplash)

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