Bitcoin price comes back?…The first cryptocurrency, Bitcoin, took a month to return to the level of $50 thousand. So let’s try to figure everything out. Does it mean that the asset is now aimed at further growth and new all-time highs? Read in our new LATOKEN review!
On October 5, the price of Bitcoin exceeded $ 50 thousand for the first time since September 7. Over the past week, the first cryptocurrency has risen in price by 19%. Its capitalization has increased to $943 billion. A month ago, the cost of the first cryptocurrency per day decreased by 16%, to $42.8 thousand soon? It will be interesting to know for every trader, crypto beginner, and general for everyone interested in cryptocurrency.
Bitcoin price growth might be justified
The recovery in the value of Bitcoin to $50 thousand is most likely justified by positive fundamental factors. There is an opinion that now the rate of the first cryptocurrency is positively affected by the recovery of the hash rate, the increase in purchases of cryptocurrency by institutions, as well as the risks of a decrease in classic financial assets.
The growth of the crypto market may indicate the demand for bitcoins and altcoins from investors looking for a safe harbor since the traditional markets are obviously overheated.
In the summer of this year, the Bitcoin hash rate decreased by more than 50%. It happened due to the complete ban on mining, which was introduced by the Chinese authorities. Miners from China began to shut down equipment for relocation to other countries massively. Since the end of July, the hash rate has begun to recover, and on October 5, it is 136 Eh/s.
According to a report by CoinShares, at the end of September, institutions invested $69 million in Bitcoin-based instruments in a week. The total inflow to cryptocurrency funds amounted to $90.2 million.
What might we expect next? LATOKEN Review
Large investors took advantage of Bitcoin’s decline to $40 thousand in September. This may likely lead to the fact that a new bull run will take place on the crypto market by the end of the year, within which Bitcoin will approach the level of $100 thousand. After Bitcoin reaches $100 thousand, we can expect a strong correction in the crypto market if this scenario is realized.
Recent upward price movements in Bitcoin may indicate that the bulls are very strong right now. The bulls are determined to continue to grow, both in the fourth quarter of this year and in the first quarter of next year.
Many crypto enthusiasts hope that Bitcoin will be able to renew its all-time high by the end of the year. This could happen despite the massive sales of the first cryptocurrency by institutional investors.
If Bitcoin manages to update its historical maximum in the current year, then a correction may begin in the market in the first quarter of next year. And by the way, the beginning of the year is the time when new legislative decisions are often published or adopted.
It is possible that at the beginning of next year, we will hear new regulatory statements. This might happen regarding the control of the sphere of cryptocurrency turnover, which can be both negative and positive for the industry.
By the way, you can always start trading Bitcoin on the LATOKEN exchange!
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
