Bitcoin Price Prediction: BTC Rise 8% Amid ETF Approvals & Recovery and October Crypto Surge
Bitcoin (BTC), the world's top cryptocurrency, recently experienced a remarkable surge, surpassing the $28,000 mark on Monday. At that time, the entire cryptocurrency market boasted a total worth of approximately $1.11 trillion, marking a 3.05% growth within the past 24 hours.
However, this sudden upward movement can be attributed to an unexpected surge in demand for Bitcoin and Ethereum.
In a matter of just 15 minutes, the value of two leading cryptocurrencies saw a significant increase of 4%, which came as a surprise to many investors and traders.
As a result, more than $70 million worth of short positions in the cryptocurrency market were quickly liquidated.
This event has generated a lot of excitement among crypto enthusiasts and investors, raising hopes for a bullish trend throughout October.
It is important to note that Bitcoin and Ethereum experienced an increase of about 4% within just 15 minutes on October 1st. This sudden surge gave people hope for a profitable October, but it also caused over $70 million in short trades to incur losses, surprising traders.
Bitcoin's value rose from around $27,100 to nearly $28,000, while Ethereum briefly touched $1,755 before stabilizing at $1,727.
This occurred during what is commonly known as "Uptober," a term used to describe the trend of cryptocurrencies performing well during the month of October.
Bitcoin has recently experienced a surge in price, breaking the $27,500 mark after a month of steady prices. The cryptocurrency is now aiming to reach $28,000, and if it manages to maintain this level, it could potentially surpass $30,000.
This would kickstart what is referred to as "Uptober," a period of positive performance for the crypto market in October.
Another factor
Read more on cryptonews.com
