Market Update 24th October 2024
By Shikha Singh
Bitcoin (BTC) has dipped slightly below $66,000 after briefly reaching a peak of $69,500 on October 21. This retracement led to a sharp decline, with Bitcoin touching $65,000, its lowest point since October 10. This movement highlights the volatile nature of the crypto market, as sellers temporarily took control, prompting many investors to adjust their positions.
A market analyst noted that Bitcoin’s brief dip to the $65,000 range was followed by a reversal, hinting that the current price correction may be nearing its end. He emphasized that the upcoming U.S. elections could impact market conditions, potentially driving renewed interest in digital assets.
Despite the recent volatility, October has shown moderate growth for Bitcoin, continuing its tradition as “Uptober,” a month known for consistent gains. Bitcoin’s price has risen by 7.21% so far, although this remains below the historical average of 22.59%, according to data from Coinglass. With over a week remaining in the month, there’s potential for further gains if the market continues to align with historical trends.
Looking forward, November could bring additional momentum for Bitcoin. Historical data shows that November has delivered an average return of 46.81%, with a median gain of 8.81%, reinforcing a positive outlook.
On a broader scale, analysts at Bernstein maintain a bullish long-term view on Bitcoin, projecting a price target of $200,000 by 2025. Gautam Chhugani, Bernstein’s crypto lead, highlighted Bitcoin’s growing appeal as a “store of value” amidst economic uncertainties such as rising U.S. national debt and inflation risks.
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