Crypto
Bitcoin Is Trading Above $65,000 – Is a BTC Rally Coming Now?
Bitcoin’s recent gains are linked to strong US labor market data, China’s stimulus measures, and reduced interest rates. Bitcoin ETFs saw significant inflows, with $365 million added in one day. Optimists predict further growth in October, bolstered by expected compensation payments from the FTX bankruptcy and potential interest rate cuts. Price targets of $100,000+ circulate.
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.
__
(Featured image by Erling Loken Andersen via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
-
Cannabis1 week ago
France Proposes to Classify CBD as a Toxic Substance at European Level
-
Business13 hours ago
Fed’s Emergency Rate Cuts: A Debt Lifeline or a Long-Term Interest Trap?
-
Biotech2 weeks ago
Galapagos Biopharma, Sanctioned by the Spanish Registry After Being Absorbed by Alfasigma
-
Crowdfunding6 days ago
Why the Crowdfunding Sector in France Drops Nearly 25% in 2024