Though momentum has been somewhat choppy in the most recent trading, the prevailing sentiment in the cryptocurrency market this ‘Uptober’ – a popular nickname for October – is optimism.
After months of slightly downward trading, Bitcoin (BTC) broke with the trend and began its surge, finding a new footing near $68,000. This led many traders, experts, and observers to speculate how high BTC could go during the rally, with some speculating a rise to $86,000 by Halloween and $100,000 soon after.
Amidst the optimism, popular cryptocurrency analyst Duo Nine warned on X that ‘Bitcoin is in danger,’ with some of the long-term risks being the same as the current, short-term benefits.
Additionally, while the 1.78% rise in the last 24 hours might appear limited, it marks another shift to the upside from a period of relative stagnation that started on October 21.
In total, Bitcoin is 60.93% above the price it started the year at, and 96.57% above its value exactly one year ago.
Featured image:
Kraft74. “Plastic Vampire Denture and Bitcoin Gold Coin.” Digital Image. Shutterstock. Shutterstock, January 15, 2019. Web. 28 Oct. 2024.
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