Since the beginning of the year, crypto traders have bet their investments on Bitcoin hitting an all-time high. This comes on the back of the United States SEC’s approval of Bitcoin ETFs. In addition, institutional investors such as BlackRock and Vanguard have added an edge of permanence to Bitcoin’s long-term stay in the financial market.
Bitcoin market performance in Q4
According to on-chain data from CoinGecko, Bitcoin (BTC) is worth $61,076 today, down 0.5% from an hour ago and 1.2% in the last 24 hours. The value of BTC today is 4.1% lower than it was seven days ago.
On the other hand, BTC’s Fear and Greed Index currently stands at 37 (Fear), beating September’s close at 50 (Neutral). Now, analysts predict BTC will cross $70K to $75K in the loaming bull run.
Bitcoin has achieved its first three-week winning streak since February, signaling a strong bullish sentiment. This could potentially drive BTC to new all-time highs by the end of 2024.
In the seven days leading up to September 29, Bitcoin surged 4.5%, in addition to the 7% price spike in the last two weeks. In an interview with FOX, Larry Fink – BlackRock’s CEO, said, “Instead of investing in gold as a hedge against inflation … [Bitcoin] can represent an asset that people play as an alternative.”
This morning, in Asian markets, BTC and ether (ETH) saw red market trading as the market withstood another selloff.
Ethereum is down 4% and trading at $2,390. Crypto markets fell on Tuesday night following Irani airstrikes on Israel, for which the latter promised to respond, denting a gain in risk assets, including Bitcoin.
Despite the macro climate and market dullness, whales are still accumulating Bitcoin at unprecedented rates, according to CryptoQuant founder Ki Young-Ju in an X post. Ki says, “The current market volatility is just a game in the futures market.”
He adds, “Real whales move the market through spot trading and OTC markets. That’s why on-chain data is crucial. The older whales haven’t seen particularly high returns, and the whales who entered in this recent bull run have barely made any profits.“
The 2024 Q4 is looking at new all-time highs for all the coins in the market owing to the November elections and the outcome of America’s economic strength from the next POTUS.
Source: https://www.cryptonewsz.com/will-bitcoin-hit-75k-in-octobers-bull-run/