Bitcoin price has entered the “uptober” trend with an increase of more than 7% in its price in the last week.
According to data from CoinMarketCap, the price of Bitcoin seems to have finally entered the trend known as “uptober”. Historically, October has been considered a positive month for the price of cryptocurrency, as it has experienced significant increases in almost all of these months in the last 15 years.
Crypto market enthusiasts are closely watching the recent rise of Bitcoin, which could enter a sustained bullish trend that will lead it to record new all-time highs, according to several experts.
Bitcoin enters the “Uptober” trend
The month of October has historically been favorable for Bitcoin, and this year seems to be no exception. The cryptocurrency has seen a notable increase in its value, reaching levels that many consider indicative of a bull market. Recently, the price of Bitcoin surpassed $67.800, to then correct and position themselves close to the $66.950 dollars, currently.
Despite this slight correction, as shown in the chart below, Bitcoin prices According to CoinMarketCap, the current surge experienced by the cryptocurrency represents a significant increase compared to its price just a few weeks ago. Market analysts believe that Bitcoin is entering the “Uptober” trend and that its price could continue to rise as other important events approach at the end of the year.
Source: CoinMarketCap
Bitcoin price volatility is a positive sign for experts
The price of Bitcoin has been fluctuating between $64.000 and $67.800 in the last few hours. This volatility, which has renewed optimism in the crypto community, has led several experts such as Adam Back, CEO of Blockstream, to comment on the matter. On X, Back noted that Bitcoin “came back to life”, sharing a graphic about the current price of BTC.
Other experts are also suggesting that the market-leading cryptocurrency could enter a new cycle of sustained growth and reach new highs before the year is out.
However, analysts also warn that while the current trend is positive, Bitcoin’s volatile nature can pose risks for investors. Still, many believe that the profit potential outweighs the associated risks, which has led to an increase in Bitcoin buying by both retail and institutional investors.
According to CoinMarketCap data, BTC trading volume surpassed $45.000 billion on Oct. 15. Bloomberg ETF analyst Eric Balchunas also commented on social media that Bitcoin ETFs are experiencing a “monster day of inflows,” with over $550 million in net inflows today.
What factors influence the rise in the price of Bitcoin?
The recent surge in Bitcoin price is not a mere fluke. Several factors have contributed to this rally, starting with the macroeconomic context. The US Federal Reserve’s monetary policies, including interest rate cuts and an increase in market liquidity, have created a more favorable environment for investments in risky assets, such as Bitcoin and cryptocurrencies. These elements have encouraged investors to seek alternative assets that are perceived as safe havens in times of economic uncertainty.
Furthermore, the growing adoption of Bitcoin as a store of value has been a key driver behind its price rise. Companies like MicroStrategy and Metaplanet, among others, have been pushing its legitimacy and usage in the market. Furthermore, media attention and positive coverage in mainstream media have attracted new investors, adding upward pressure on its price.
Finally, interest in products and exchange-traded funds based on the price of Bitcoin has grown, leading to an increase in demand for the cryptocurrency among institutional and retail investors. The combination of all these factors has created an environment where the price of Bitcoin can continue to rise.
Larry Fink and his recent recognition of Bitcoin as a legitimate investment asset
On the other hand, BlackRock CEO, Larry Fink recently reaffirmed his belief that Bitcoin is a legitimate investment assetFink made recent statements during BlackRock’s earnings call in which he highlighted that Bitcoin has matured and has become an asset that investors should seriously consider. He also made a comparison of Bitcoin to gold that resonated in the financial world as many investors view the leading cryptocurrency as a stable store of value.
These statements are in line with CoinShares' latest weekly reports on inflows into cryptocurrency investment products, which have revealed that Bitcoin has remained the preferred asset among investors of these listed products. This constant flow of inflows and recognition by a high-profile figure like Fink is significant for the price of Bitcoin, as his influence in the world of finance can draw even more attention to the crypto market.
The growing acceptance of Bitcoin by traditional financial institutions is changing the narrative around cryptocurrencies, and its legitimization as a serious investment asset may have a lasting impact on the market.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
