Market
Who Could Drive Bitcoin’s Price to $70,000?
Bitcoin’s (BTC) price recently experienced a 7.8% decline, dropping to $60,000. However, as the king of cryptocurrencies recovers from this drawdown, support from a significant group of investors could push the price higher.
Institutional investors, in particular, are playing a key role in driving Bitcoin’s upward momentum, and their influence might propel BTC toward the $70,000 mark.
Bitcoin Notes Solid Demand
Institutional investors are crucial to Bitcoin’s potential recovery and future growth. According to data from Glassnode, Bitcoin exchange-traded funds (ETFs) now hold over $58 billion worth of BTC. This volume accounts for approximately 4.6% of Bitcoin’s circulating supply, indicating strong demand for regulated exposure to the cryptocurrency.
The institutional demand suggests that large-scale investors view Bitcoin as a viable and valuable asset. As these investors continue to accumulate BTC through ETFs and other regulated means, they contribute to the coin’s long-term growth and stability. Their influence could be key in pushing Bitcoin’s price toward $70,000, especially if demand remains consistent.
Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024
Bitcoin’s overall macro momentum also appears favorable for a potential price rise. The net realized profit/loss indicator, which tracks investor sentiment and behavior, recently noted a downtick, signaling that profit booking is slowing down. This shift suggests that selling pressure is decreasing, giving Bitcoin the necessary breathing room for a comeback.
As selling sentiment wanes, Bitcoin’s price could benefit from a more balanced market. This reduction in profit-taking allows for a more stable price environment, increasing the chances of a sustained recovery. With institutional demand remaining strong and selling pressure subsiding, Bitcoin could be on track for a price surge.
BTC Price Prediction: Rallying Hopes
Bitcoin is currently trading at $62,353, just above the crucial support level of $61,868. While this is a positive sign, BTC still faces a significant barrier at $65,292 before it can aim for $70,000. Breaking this resistance is essential for the next leg up in Bitcoin’s price movement.
The factors mentioned above suggest that a price rise is possible, but it will require steady growth supported by continued institutional demand. If institutional investors maintain their interest in BTC, Bitcoin could breach the $65,292 barrier and move closer to $70,000.
Read more: Bitcoin Halving History: Everything You Need To Know
However, if institutional demand weakens or large investors pull back, Bitcoin may struggle to break past $65,292. In such a scenario, BTC could test its support level at $61,868, potentially invalidating the bullish outlook and delaying further gains.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Altcoin Gainers of October 2024 First Week
Heading into October and Q4, the markets have already begun recovering, bringing gains to many crypto assets, with some altcoins even establishing new all-time highs.
BeInCrypto has analyzed the top three best-performing altcoins of the last seven days, which include Solana meme coin POPCAT, which formed a new ATH this week.
FTX Token (FTT)
FTX’s native token, FTT, surprised the market by outperforming every major altcoin in the top 100 cryptocurrencies. FTT surged by 95% over the week and is currently trading at $2.72. This dramatic rise has caught the attention of both traders and investors alike.
The rally was primarily driven by rumors surrounding the beginning of repayment to creditors. With the hearing for the distribution plan scheduled for October 7, the bullish sentiment is expected to continue, potentially fueling further price increase.
Read more: 5 Best Crypto Payment Gateways Every Business Should Know
If the momentum holds, FTT could rise to $2.98. However, the token could see a drawdown to $2.54 or even $2.20 if it wanes, making investors cautious of potential risks.
Popcat (POPCAT)
POPCAT price reached a new all-time high this week, soaring by 31% in the last 24 hours. This Solana-based meme coin broke through the $1.00 resistance, setting a new ATH at $1.29 after struggling to breach that level throughout the week.
The catalyst for this sudden rally remains unclear, but if POPCAT holders avoid selling, the coin could continue its upward trajectory. This could result in the formation of a new ATH, further boosting market sentiment.
However, if profit-taking ensues, it may halt the bullish momentum. A drop to $1.00 could follow, and losing this key support level would invalidate the current bullish outlook.
Wormhole (W)
Wormhole’s price may not have seen explosive gains like other tokens, but it still impressed with a 14.8% rise. Currently trading at $0.34, the altcoin has gained the attention of its investors.
Wormhole nearly reached an intra-week high of $0.42 but fell back under the $0.35 resistance. This barrier has been intact since mid-July, and breaching it could lead to a further rise toward the $0.42 mark.
Read more: 10 Best Altcoin Exchanges In 2024
Testing $0.42 as resistance would set a near four-month high. However, if Wormhole fails to break $0.35, it may remain in consolidation between $0.28 and $0.35, invalidating the bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin ETFs Bounce Back From Around $400 Million Outflow
On October 4, US spot Bitcoin exchange-traded funds (ETFs) recorded their first inflow of the month, rebounding from outflows totaling $400 million in the initial three trading days.
This uptick coincides with the release of a significant upgrade to Bitcoin Core, the open-source software that underpins the leading cryptocurrency.
Bitcoin ETF Sees First Inflow in October
According to SoSoValue data, Bitwise’s Bitcoin ETF (BITB) led the inflows with a positive net flow of $15.3 million, followed by Fidelity’s FBTC with $13.6 million. Ark 21Shares’ ARKB and VanEck’s HODL each saw inflows of $5.3 million.
In contrast, Grayscale’s GBTC reported outflows of $13.9 million. Other issuers — such as BlackRock’s iShares Bitcoin Trust (IBIT) and Franklin Templeton Bitcoin ETF (EZBC) — recorded no inflows during this period. Meanwhile, IBIT remains the leading Bitcoin ETF in the market, boasting over $21 billion in cumulative net inflows.
Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach
This development comes after a turbulent start to October for Bitcoin. The top asset’s price briefly fell below $60,000 during the week but recovered to around $62,000 amid geopolitical tensions in the Middle East.
Despite the volatility, market observers remain optimistic about Bitcoin’s outlook for the fourth quarter. The analysts cite the top asset’s strong macroeconomic support and rising institutional investments as reasons for their bullishness.
“When you zoom into Bitcoin price seasonality by weeks instead of months, you can see that Uptober starts on the second week of October & it’s the strongest period of the year. We are in week 40. The rocket takes off on week 41, next week, if the pattern holds,” crypto analyst Gally Sama wrote.
Network Undergoes Key Core Update
On October 5, Jameson Lopp, co-founder of the self-custody solution Casa, announced the launch of Bitcoin Core version 28.0. This version brings significant security enhancements and functionality improvements. It also fixes bugs and introduces better privacy features for users.
The release follows a warning last month from Bitcoin developers about a high-risk vulnerability that affected one in six Bitcoin nodes. This flaw allowed malicious actors to carry out denial-of-service (DoS) attacks, overloading nodes with excessive data requests and risking system crashes.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Bitcoin Core 28.0 addresses these issues and adds further security protections. A key addition is support for reproducible builds, enabling advanced users to compile identical binaries directly from the Bitcoin Core website. This measure increases transparency and trust within the Bitcoin community.
Node operators upgrading to version 28.0 should exit their current software version and back up their files before installing.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
What Does Toncoin (TON) Need to Reach $6?
Toncoin (TON) has faced challenges in breaching the $6.00 barrier, leading to an 11% decline in the altcoin’s price.
The Telegram-linked cryptocurrency is now trading at $5.36 and attempting to reclaim a crucial support level.
Toncoin Sees Hope
One key factor affecting Toncoin’s market sentiment is the percentage of investors in profit. Observing the active addresses by profitability, it is evident that less than 3% of the participating investors are currently in profit.
Typically, a higher number of profitable investors would be prone to selling, which could trigger a price decline. However, the fact that there are so few profitable holders means the selling pressure is low, which is a bullish sign for Toncoin.
The lack of profit-taking suggests that investors may be holding on to their positions, expecting a future rally. This creates a supportive environment for Toncoin, reducing the likelihood of sudden drops and potentially allowing the cryptocurrency to regain its lost ground.
Read more: What Are Telegram Bot Coins?
From a macro perspective, technical indicators are starting to show signs of recovery. The Chaikin Money Flow (CMF) indicator, which tracks the flow of money in and out of the asset, has bounced back from the zero line. This suggests that inflows into Toncoin are making a comeback, a crucial factor for the altcoin’s price recovery.
A sustained inflow of capital could help bolster Toncoin’s market position, indicating that investors are regaining confidence in the asset. The return of positive momentum, reflected in the CMF, is a sign that bullish pressure is starting to build, making it possible for Toncoin to push past its resistance levels.
TON Price Prediction: A Steady Rise
Toncoin is currently attempting to reclaim the $5.37 level as support. Successfully flipping this level is essential for the asset to attempt a rise toward $5.96, a key resistance point. Breaching this level would leave only the $6.00 barrier standing between Toncoin and a stronger upward rally.
The current market and macro factors support the possibility of Toncoin breaching $5.96, provided it can maintain its bullish momentum over the next few days. A steady inflow of capital and the low selling pressure create a favorable environment for recovery.
Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners
However, any profit-taking by investors following the flip of $5.37 into support could disrupt the bullish momentum. This could keep Toncoin subdued under the $6.00 mark, delaying its potential for further gains.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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