Bitcoin continues to make headlines. On October 16, the agitation around its price created lively emulation within the crypto community. With the indicators green, can we anticipate a million dollar Bitcoin? Let’s dive into the analysis.
A chain reaction started by a false announcement
The bitcoin market is known for its volatility. October 16 clearly demonstrated this. The United States Securities and Exchange Commission (SEC) made an erroneous announcement. She claimed to have approved the first Bitcoin ETF. Following this fake news, its price skyrocketed, approaching $30,000.
This sharp increase surprised many. According to some analysts, bitcoin could reach more than a million dollars. Its market capitalization could even exceed $15,000 billion.
Alessandro Ottavianian expert on the Austrian economy, shed interesting light on the possible trajectory of bitcoin in the coming years.
According to his analyses, the market capitalization of bitcoin jumped by more than 50 billion dollars following this erroneous announcement. This equates to an approximate investment of $500 million in the flagship crypto.
If we take into account other forecasts, notably those of Steven Schoenfield, former CEO of BlackRock, who suggests that Bitcoin could receive an investment of 150 to 200 billion dollars in the next three years. It can be expected that the total market capitalization will indeed exceed the 15 trillion dollars.
The booming bitcoin market
The current bitcoin charts perfectly illustrate the prevailing optimism. Despite a slight correction from the October 16 peak, the flagship crypto maintains a solid position. Indeed, BTC remains above its previous closing level. Technically, this price spike indicates a dominant uptrend.
Key resistance currently sits at $32,000. If buyers can maintain the momentum, we could soon see bitcoin test this level, or even reach July 2023 highs at $32,000. Beyond that, gains to $35,000 and up seems achievable.
The key to this ascent potentially lies in approval of a Bitcoin ETF in cash. Such a development would allow institutions to gain exposure to crypto in a more regulated manner, thus multiplying the assets under management of Bitcoin products, as Schoenfield points out.
The crypto sector is unpredictable. However, with recent market dynamics and glowing predictions from experts, the dream of a million-dollar Bitcoin may not be that far away. What is certain is that Bitcoin has already started this rise.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss anything of the Tremplin.io essentials!
