Will Bitcoin continue to rise?Here is the answer based on the historical cycle

Bitcoin has been on the rise after a long-term rally of $19,000. How does the current data affect BTC? Details are here.

Will Bitcoin continue to rise?Here is the answer based on the historical cycle

After weeks of losses, Bitcoin is showing signs of recovery as it tries to pull the cryptocurrency industry out of a bear market. The leading cryptocurrency traded long-term gains at $19,000 and overcame an important resistance at $20,000 with buying pressure in the final days of the month.

Related: What is Bitcoin and what does its future look like?

Bitcoin’s buying pressure has revived the cryptocurrency market, with the total market value rising to over $1 trillion again. Bitcoin was valued at more than $30 billion in October, based on a valuation of $371.47 billion on Oct. 1. This means that the classic October cycle of BTC is also happening this year. Hence, BTC investors refer to October as “Uptober.”

Related: Bitcoin Price Prediction

While rising in value, Bitcoin continues to struggle with prevailing macroeconomic factors caused by high inflation and rising interest rates. The Fed’s upside decision and many central banks around the world have distracted investors from risky assets. However, Bitcoin has shown significant strength by staying at these levels.


Even the idea that the Federal Reserve might soften its policy in response to a possible recession in the U.S. economy has prompted Bitcoin to act.


Cryptocurrency analysts predict that Bitcoin has shown signs of a breakout. For example, cryptocurrency trading expert Michaël van de Poppe noted that the last week of October could be positive for Bitcoin due to macroeconomic events.

Kitco News senior technical analyst Jim Wyckoff also pointed out that Bitcoin has the advantage of short-term price appreciation.

According to Coinmarketcap data at the time of writing, Bitcoin is trading at $20,878. BTC is up 9% over the past 7 days.


Thanks for sharing your sharing gives us strength…

Source of information: Compiled from KOINMEDYA by 0x Information.The copyright belongs to the author Mesut Demir and may not be reproduced without permission

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