October 2024 is really UPTOBER
October 2024 is really UPTOBER Expectations were high, we're almost at the end of the month and so far it's been a disappointment!
10/23/20241 min read
In October 2024, we expected the Bitcoin price to show a new rise after the rally in September. During this beginning of the month, the price of BTC fluctuated between $59,000 and $69,000. This appreciation was mainly driven by increased institutional interest and the continued impact of the approval of Bitcoin ETFs at the beginning of the year, which attracted more investors to the market.
In addition, the increase in open interest in Bitcoin futures contracts reached near-record levels, signaling a significant growth in trader involvement and optimism about the asset's future performance. However, some analysts remain cautious due to the natural volatility of the cryptocurrency market, especially as global economic uncertainty continues to put pressure on the sector.
While some investors speculate that Bitcoin's price could soon exceed 70,000 dollars, others expect a more gradual increase in the coming months, mainly due to the influence of macroeconomic events such as monetary policy decisions in the US and growing institutional adoption.
In short, this early October has been a disappointing month for Bitcoin, with a possible rise on the horizon if market conditions remain favorable.