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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the world’s top cryptocurrency is testing the $35,000 line, and may soon go over it.
In the past few days, Bitcoin has jumped up over 20%. That’s a major price move compared to the relatively uneventful past month. Bitcoin has doubled its price this year, giving investors hope to pour their money in. At the same time, said investors may soon have a way to have Bitcoin without having to buy it from an exchange.
Bitcoin Spot ETF Arriving Soon?
The major reason for the huge price jump in the past couple of days is the news about a possible recent approval of a Bitcoin spot ETF. This time, it wasn’t fake news like before. Grayscale has been locked into a battle with the SEC over it. It was one of the first applicants for a Bitcoin ETF, trying to convert its GBTC fund to an ETF one. While the SEC has tried to reject this application, it may soon approve it as the US Court of Appeals has decided there’s no legal ground for it.
It’s not the first time the SEC has tried to drag Bitcoin’s name through the mud. It’s not excited about the decentralized crypto market and things aren’t going to change soon. However, it’s likely that it might need to abandon all hope, as courts are proving that the SEC has no legal grounds to delay the existence of these funds. The US Court of Appeals just handed the SEC a big blow, after ruling that Grayscale’s proposed ETF can exist within the confines of the law.
According to experts, the inevitable will happen. Of course, that doesn’t mean that the SEC has approved the fund, but it’s a major win in an important battle. The war is yet to be won.
How it Affects Bitcoin Price
The latest news were a big triumph for the crypto market and Bitcoin more specifically. Over the past 5 days, Bitcoin is up by over 20%. There’s no sign of it stopping anytime soon, although it would be an exaggeration to think it can return to its highest price point from years ago. The good news is that it’s over the $30,000 hump and near the $35,000 line. If Bitcoin can keep up with it, we’re poised for a great new winter run.
Bitcoin has become a sort of digital gold which investors love. In the state the world is in these days, everyone’s looking for a secure investment. While cryptocurrencies and Bitcoin are far from it, they represent a much better value compared to actual gold or other commodities. If you stayed put during the last few dips, you have now made over 20% in profit in the past week. That’s why Bitcoin is so great and why the crypto market perseveres.
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets published a false report of a spot Bitcoin ETF approval that resulted in a major price jump that took only minutes.
In a way, it was a great test to see what might happen to Bitcoin’s price in the event of a real BTC spot ETF approval. When the time comes, there might be a huge jump which might also initiate the bull run we’ve been waiting for so long. Currently hovering around $28,800, this is the best price for Bitcoin in a while. We’re curious to see how things develop today, but if Bitcoin can hold the line, we’re in for some great things.
Bitcoin Jumps as Others Struggle
When news broke out on Tuesday that the Bitcoin spot ETF approval was finally greenlit, the crypto market experienced a major reshuffle. Bitcoin immediately jumped around 7%, almost hitting $30,000 before settling down. Other cryptos struggled in the wake of these news, with Ether taking the biggest hit. It didn’t take long for everyone to acknowledge that the report was inaccurate, leading Bitcoin and the crypto market to settle down.
The good news is that Bitcoin didn’t drop below $28,000 which has previously been the case. Instead, it floats around the mid-$28,000s, which is a pretty good price right now after months of inconsistent pricing.
What’s more important according to analysts is that we get to see the positive sentiment of what a spot ETF approval could do. Such a product will surely have a major impact on the price of cryptocurrencies, mainly Bitcoin. Other cryptos can be negatively affected, particularly Ether as they have nothing to gain directly.
Is that a reality we can count on? If you ask some experts, it definitely is. Jeff Embry from the Globe 3 Capital crypto hedge fund thinks that Bitcoin could reach $42,000 by the end of the year. That was Globe 3’s prediction at the beginning of this year. The only thing missing from the equation is a Bitcoin spot ETF approval. It’s the missing piece to unleash an amazing run that could take Bitcoin to new heights.
Larger Spikes Incoming?
Some experts believe that such moves can take the price much higher than $42,000. Those expectations are a utopia every Bitcoin holder likes to believe in. But, given Bitcoin’s scarcity, it might result in a rally over the next few months that can take it over he all-time high of $69,000 reached in November 2021.
As for the legal Bitcoin ETF, we’re all waiting for the SEC’s decision. It needs to bring one by January 10, 2024, which isn’t that far off. The Commission also has until March to decide on similar products on offer by Blackrock and Fidelity, which will surely usher in a new crypto era.
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some kind of crisis around the world that puts the price back down.
Right now, it’s the war between Israel and Hamas. The Palestinian terrorists brutally attacked Israel days ago, and Israel’s response was swift and even more brutal. With no end in sight in this war that currently totals thousands of dead on both sides, there are fears that the conflict will spread to neighboring oil-rich countries. If this happens the price of oil will certainly go up, and so will commodities. Rose gold is already over 1%. This could have repercussions in the crypto market, where Bitcoin’s price will take the hardest fall.
A Monday Slump
We’re in the middle of a Middle East crisis caused by the latest war, and it’s no wonder it’s affecting the crypto and commodities market heavily. On Monday, the crypto market fell over 2% due to rising oil prices and a drop in equities. The turmoil in the Middle East could lead to further price drops for Bitcoin too.
Following news of the bloody conflict, Bitcoin’s price fell almost immediately. The good news is that it has since rebounded, never going below $27,000. Bitcoin is still holding its ground like in the past month or a bit more, yet experts are adamant that it must hit $31,000 if we’re to hope new record heights by the end of the year.
Futures traders that bet on high prices saw more than $100 in liquidations for 24 hours since Monday. All alternative currencies also saw a sell-off. The crypto market has shown a bit of resilience and that may be more than enough to instill confidence among bulls. It’s not the bull run we’re all expecting, but it may be a start.
Geopolitical Turmoil Harms the Market
We’ve seen geopolitical turmoil hurt the market before. When the Russia-Ukraine war began and the US imposed sanctions on its rival, there was a major crypto market drop too. Luckily, Bitcoin and other altcoins rebounded soon. That happened in March last year. At the moment, we’re seeing a temporary dip following the news of the conflict between Israel and Hamas. But, the price is stable already, and with signs of resilience, we don’t think we’ll see it drop under $27,000. The problem is that we’re not seeing optimistic signs of a bull run too.
This is a normal process. When geopolitical turmoil hits the market, investors flee to gold. All risky assets are left aside and see declines. According to some experts, we should all take a look at the oil and energy market to see where Bitcoin’s headed. If the price of oil goes up, there will be another wave of sell-off equities. It might eventually lead to higher monetary restrictions, which might keep Bitcoin’s price locked in this range.
Bitcoin opened this week with a bang. It constantly tested the $28,000 range and even went nicely over it late on Monday before dropping all the gains. Projections for Halloween were great, but sometimes, it all takes a bad turn. As of right now, the price is once again in the mid-$27,000 range, which is a huge drop from a few days ago. What’s the reason behind it? Apparently, it’s concerning signals from the US economy.
As the country tries to weigh in on investor sentiment, there’s been a lot of talk about an overheated economy. This could lead to more Fed action that no one wants, and that kind of sentiment is the reason behind Bitcoin’s latest price drops.
More Fed Action to Follow?
Some further contractionary measures are expected out of the US Federal Reserve after the release of latest US labor market data. The report from October 3 showed abysmal reports of 9.6 million job openings across the USA, which is a significant jump from the 8.9 million job openings reported in July.
The price of Bitcoin went up over 6% from October 1 to October 2. However, it failed to break past the $28,500 resistance. On the same day, it dropped around 4.5% after hearing the latest economy news. The decline also followed Ethereum’s disastrous performance as ETFs were launched on October 2. It showed major concerns about an upcoming economic fallback.
The latest correction marks almost 50 days—47 to be precise—of the last time when Bitcoin managed to close a day above $28,000. That’s not a very good sign, and has led to the liquidation of over $22 million worth of long leverage futures. The overheated US economy can lead to more Fed action in the following weeks and months, and this might be even bleaker in the short run.
A Necessary Monetary Response
The Federal Reserve chair Jerome Powell said that the latest reports are truly concerning. All evidence suggests that the tightness in the labor market is no longer easing, which could necessitate a monetary policy response. Traders are pricing in a 30% chance that the Fed raises rates during the November meeting. That’s up from the expected 16% last week per the FedWatch tool. According to the Fed’s policymakers, the rates could stay high for a longer period.
In more bad news, the Ether futures launched on October 2 fell short. There were a lot of positive expectations for it but in the end the trading volumes fell below $2 million during the first trading day. That can be seen as a failure, and it reflected in Ethereum’s dropping price.
The initial first day projection of $1 billion of trades during the first day were obviously very optimistic. This occurrence may have flattened expectations for the first Bitcoin spot ETF when it launches. Of course, there are many uncertainties regarding the probability and timing of these spot ETF approvals by the SEC. It’s all very new and with mountain regulatory pressure, no one can tell how they perform.
With Halloween coming up fast, traders are anxious to see what happens with the price. The holiday is traditionally important for the financial market and the crypto market too. With the exception of 2018, Halloween has historically been great for Bitcoin. The price in this period was higher than the year before. If the algorithms and patterns align this year too, we’re looking at a price jump in a few weeks.
According to some ML (machine learning) algorithms, we’re expecting an increase of around 10%. It would be a great spark for Bitcoin’s bull run which has been a bit stuck at the moment.
Scary Changes this Halloween?
The latest price news say that the self-learning machine algorithm on the tracking platform CoinIndex suggests a 9.56% price jump for Bitcoin this Halloween. The leading cryptocurrency on the market is supposed to be trading over $28,000 on October 31. Considering it’s in the mid-$26,000s right now, that’s a big jump. We’ve been talking for a bull run for some time now, and that might be the spark that triggers it all.
Another thing that might fan the fire is the Uptober phenomenon. Bitcoin has historically been doing great in the month of October. It even demonstrated strength in 2022 when the entire crypto sector was facing massive selling pressure after FTX’s demise. By the end of October 2022, Bitcoin was selling at over $21,000, which is over $2,000 higher than its previous price.
If we take a look a year before, Bitcoin’s price on October 2021 was $61,300. Its market valuation was up that time of the year too, with the crypto’s highest price point ever achieved in November 2021. The same price jump happened in 2020, 2019, and before, with the exception of 2018. That’s why crypto traders call October Uptober.
Right now, Bitcoin is trading in the low to mid $26,000s. This is a jump of around 0.5% in the past 24 hours. However, the price is on the decline over the past week, and sees an overall gain of over 0.5% on the monthly chart. Overall, all technical indicators show that we may be up for another Uptober run. Halloween may be the scariest time of the year, but not for Bitcoin.
BTC’s Price is Up 0.6% – Is a Bull Run on the Cards?
In the past week there’s been renewed interest in Bitcoin trading among investors and crypto enthusiasts. The 24-hour trading volume stands at $10 billion. Bitcoin’s overall monthly surge is at nearly 0.6%, with a market capitalization of $510 billion. Everyone’s hoping for a bull market, despite the fact that a decline is expected in the short run.
But, despite putting up a fight, it has been unable to break the $27,500 resistance. It’s a bearish disposition at the moment, but things can chance in October. As Halloween approaches, everyone’s gearing up for the eventually higher price. We hope it goes higher too, and with the latest developments in China where it has been recognized as a valuable asset, we may be in for a fun ride.
