Bitcoin breaks its previous peak and records a new price high
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Answer Bitcoin breaks its previous peak and records a new price high
Bitcoin price finally broke through the $65,000 barrier to hit a new all-time high.
The top cryptocurrency is now looking to enter price discovery mode again.
Bitcoin is currently trading above the $66,000 level with a 7% increase over the past 24 hours.
The top cryptocurrency is now setting its sights on the $70K level and given the current bullish momentum that might not be far from it.
Bitcoin started October at less than $45,000 after a bearish September but regained most of its losses from last month.
In the first week and by the second week of October, you have already recovered most of the losses from the market crash in May.Read:Study … Blockchain technology is beginning to spread in the global academic scene
Bitcoin proponents have predicted that October could reignite the bullish wave seen at the beginning of this year.
Bitcoin has nearly tripled its price since the end of last year.
If Bitcoin continues to rise and double in price, it may be easy to break through the $100K level.
The rise in the price of Bitcoin comes on the heels of a decrease in the supply of it on the exchanges as traders continue to move their cryptocurrencies away from the exchanges in anticipation of the price rise.
The supply of bitcoin in the trading platforms has fallen to its lowest level in three years, indicating a high bullish sentiment.
The approval of the first Bitcoin futures ETF also played a major role in the new bullish recovery of cryptocurrencies.
BITO stock recorded the second largest ETF volume when it came out with nearly $1 billion in terms of trading volume, which is what we touched on in Bitcoin Arabs this morning.
Every Bitcoin holder is making a profit now:
The current rise in the price of Bitcoin has made everyone who bought Bitcoin before today in a profit.Read:Terra Buys $100 Million in AVAX Coins…Here’s Why!
MicroStrategy, the leader in the Fortune 500, is currently making more than $3 billion in its bitcoin holdings, while Tesla’s bitcoin earnings have jumped to more than $1 billion.
The current price hike illustrates the prominent role of ETFs and how they have boosted market sentiment.
In September, many pundits called that we were looking for another bottom and today the market is looking towards a new price target of $70K.
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