With Bitcoin trading above $28000, the crypto price cycle is going through a wave of optimism as traders and investors rush into the crypto market.
Institutional investors are driving a positive wave in the crypto market. Global investment firms like Fidelity and ARK Invest are putting their focus on crypto-based ETFs. With their support, the crypto price cycle has accelerated to newer highs. Bitcoin may have consolidated above $28000, while other tokens have also gained value.
The higher crypto prices are amidst headwinds in the global economic outlook. Inflationary pressures are looming with higher oil prices, yet crypto has emerged as an exception. The crypto market could continue its bullish run and end at much higher levels by the end of October.
The crypto market’s strong fundamentals have led analysts to predict a crypto rally in 2023. Bitcoin has outshone other asset classes in the present year. Experts see a breakout for a rally similar to that in 2020. If the breakout for BTC occurs, it can even climb higher than $30,000.
International bank Standard Chartered had posted extremely high targets for BTC a few months earlier. It said BTC could hit $100,000 by 2024. Geoff Kendrick, one of the bank’s analysts, said, “Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $28300 on October 19, 2023, with BTC/USD trading lower by 0.5% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,324.39), as BTC’s 24-hour volume was at around $11 billion.
Bitcoin has seen around 70.95% returns on a year-to-date basis. 7-day returns for BTC stands at 5.4%, while its 100-day EMA was at around $27,993.82. Bitcoin’s overall market capitalization is trading at around $553 billion.