Bitcoin ($BTC) finally broke past the $65K barrier to record a new all-time-high as the top cryptocurrency now looks to enter price discovery mode again. $BTC is currently trading at $66,000with a 5% surge over the past 24-hours. The top cryptocurrency now set eyes on $70K and looking at the current bullish momentum it might not be far from it.
$BTC started October under $45K after a bearish September but regained most of its losses from the past month in the first week and by the second week, it has already recovered most of the losses from the May market crash. Bitcoin proponents have predicted that October could reignite the bull run that was seen at the start of this year and $BTC surged nearly 3X before a bearish phase. If $BTC pulls a similar move as it enters a price discovery mode with no barriers in sight, the top cryptocurrency can easily surpass the $100K price prediction.
The bitcoin price rise comes in the wake of declining exchange supply as traders keep moving away from their $BTC in anticipation of the price surge. Bitcoin supply on exchanges has fallen to a three-year low indicating the high bullish sentiment.
The approval and record first day of ProShares Bitcoin Futures ETF ($BITO) also played a key part in top cryptocurrency’s newfound bullish resurgence. $BITO recorded the second-largest ETF volume on debut with nearly $1 billion in trading volume.
Every Bitcoin Holder Ever Now in Profit
Bitcoin’s new ATH also ensured that anyone and everyone that ever purchased $BTC at any price is currently in profit. MicroStrategy, the leading Fortune 500 company is currently over $3 billion in profits over their $BTC holdings while Tesla’s $BTC profit jumped over $1 billion.
The price surge also depicts the contracts in market sentiments just a month apart. Only in September, many critics were calling for another bottom and today the market is looking towards a $70K price target.
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?