Bitcoin

Bitcoin ($BTC) To $60K? Whales Accumulation Continues Amid New 5-Month Excessive

Bitcoin ($BTC) breached the $56K value barrier for the primary time in 5 months and presently buying and selling at $56,500. The highest cryptocurrency started October on a bullish notice with its value recovering nearly all of losses from September within the first week, and now appears to be like set to breach $60K subsequent. $BTC has been fairly constant in October and only a bullish rally away from breaching its ATH of $63,683.

Bitcoin
Supply: TradingView

$50K was a key resistance to breach initially of the month however inside two weeks, $BTC is eyeing $60K, indicating the bullish momentum driving its value. Main on-chain metrics are flashing bullish indicators. One of many greatest bullish indicators is whale accumulation the place prime tier whales holding between 100-1000 $BTC accrued one other 85.7K Bitcoin over the previous week.

Bitcoin
Supply: Santiment

What makes this whale accumulation much more bullish is the truth that these whales continued to build up even when the value was hovering to a brand new multi-month excessive. This implies the market sentiments are fairly excessive and whales anticipate the value to surge additional.

Will October See a New Bitcoin ATH?

Many Bitcoin proponents and even Wall Avenue Banking giants have given a $100K value prediction for Bitcoin by the top of the yr. Whereas this prediction seemed approach off the mark simply a few months in the past, it’s again into play as $BTC might very properly retest its ATH this month after which enter value discovery mode once more fairly much like the primary quarter of this yr.

One other main issue that may add to Bitcoin’s bull run could be approval of the first-ever Bitcoin Futures ETF by the US SEC. The SEC has been fairly skeptical of the crypto market led by chief Gary Gensler however they’ve assured that the US has no plans of banning crypto. Thus, the first-ever BTC ETF would open the market to many new institutional traders and make Bitcoin extra mainstream.

Disclaimer

The introduced content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.

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