Key Points
- Bitcoin’s price just surpassed $68,800 for the first time in 4 months.
- BTC’s recent rally is catalyzed by multiple factors and optimistic predictions.
Bitcoin’s price has just recorded a significant rally, surging above $68,800. The coin is up by over 2% in the past 24 hours.
BTC Price Reaches June Levels
BTC hasn’t reached this price level since June, and today’s surge comes following a sustained rally this week.
Crypto analyst, Rekt Capital also addressed BTC’s sudden surge via a post on X, saying that this October monthly candle looks promising. He also said that for the first time since June, BTC has eclipsed the candle-bodied highs of the summer.
Earlier today, he shared another post highlighting that BTC is well-positioned for a weekly close above the multi-month series of lower highs.
According to him, a weekly close like this would confirm the end of the downward trend and position BTC in the right place to revisit the range high of the re-accumulation range.
Bitcoin’s trajectory in October, especially during this week, hints at potential new ATHs soon.
BTC Price Could Reach Six Figures
Bitwise Invest’s CIO, posted an optimistic prediction today, saying that we could soon see BTC hitting six figures due to multiple factors.
These include the following:
- ETF flows reaccelerating
- Elections approaching
- Infinite deficits (bipartisan agreement)
- Economic stimulus in China
- Global rate cuts
- Halving supply shock
- Whales accumulating
There are indeed a lot of catalysts for Bitcoin‘s October rally, debuting last Friday when the coin’s price surged from $59,000 levels.
This week’s notable rally has been especially fueled by continuous inflows in US BTC ETFs, topping $1.85 billion From October 14 until October 17, and surging odds for a Trump win at the 2024 US elections.
His chances have risen today above 60%, unlike the odds of a Kamala Harris win which dropped below 40% on Polymarket.