In October 2024, the Bitcoin market is characterized by several factors that enhance its potential for growth. First, Bitcoin continues to be in a relatively long period of stability, a trend that is often considered an indicator of an imminent strong price movement. Historically, this stability is usually followed by a significant rise, especially after the recent âhalving,â which reduced the supply of Bitcoin in the market.
Institutional interest in Bitcoin is also on the rise, with data indicating an increase in investment in Bitcoin exchange-traded funds (ETFs), indicating the confidence of large financial institutions. In addition, there is speculation that the US Federal Reserve may ease its monetary policy, making Bitcoin a more attractive option as a hedge against inflation and traditional market volatility.
However, there are still some risks, such as rumors of potential sell-offs by large investors who have recently made huge profits, as well as external influences such as the removal of Bitcoin trading pairs by Binance, which could lead to significant price volatility.
Overall, some analysts expect Bitcoin to rise if it can break the resistance level at around $62,800, which could lead to a new bullish wave.
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