As the original digital currency, bitcoin remains one of the most popular cryptocurrencies to trade. Due to this popularity, its price changes frequently and often has a greater impact on the overall cryptocurrency market. As such, bitcoin constantly receives attention from the media, which closely follows the trend of the coin and predictions around its future price.
As a leading cryptocurrency and CFD broker,bitcoin-in-Any-Market-Conditions” rel=”nofollow noopener” target=”_blank”> PrimeXBT It provides bitcoin traders with all the tools they need to trade in any market conditions. It offers clients several ways to invest in bitcoin and other cryptocurrencies, including buying and holding coins, as well as leveraged trading of derivatives such as cryptocurrency CFDs and cryptocurrency futures.
This article will cover the latest news and predictions on where the bitcoin price is headed and how traders can capitalize on the market with PrimeXBT.
bitcoin is currently hovering around $64,000
The year 2024 has been an eventful year for bitcoin. The cryptocurrency hit an all-time high above $73,000 in January after the approval of bitcoin exchange-traded funds (ETFs) sparked a surge in institutional investment. However, the price has since fallen to $53,900 due to a variety of factors, including the state of the global economy. Most recently, bitcoin has been on the rise following the US Federal Reserve’s first interest rate cut since the pandemic, which has seen it rise above $64,000 again. The current positive trend has led to predictions that bitcoin could continue its bullish streak until the end of the year.
Historical data suggests October could be a strong month for bitcoin
bitcoin’s current performance has led many analysts to adopt optimistic outlooks for the coin in the near future. Historical data supports the bullish sentiment, as bitcoin typically rallies around 150 days after a halving event. Given that the coin’s last halving took place in April 2024, we are currently within that timeframe. October has also historically been a stronger month for bitcoin’s performance, with average past returns of around +23%, adding to speculation that a sustained bullish period is in store for the cryptocurrency.
How the broader market context affects bitcoin
While the entire world is still recovering from the economic effects of COVID-19, the future of bitcoin looks bright. As the economy improves, we can expect to see additional investments in bitcoin and other cryptocurrencies, while its continued adoption as a payment method and legal tender in certain countries continues to drive growth. Improvements in the regulatory framework around cryptocurrencies and the introduction of new investment opportunities such as the bitcoin ETF are also expected in the near future, which could have a positive impact on the currency.
How to Profit from bitcoin with PrimeXBT
No matter what the bitcoin trend is,bitcoin-in-Any-Market-Conditions” rel=”nofollow noopener” target=”_blank”> PrimeXBT PrimeXBT offers its traders all the tools needed to profit from any market movement. Clients can quickly buy bitcoin and store it in their secure PrimeXBT wallet. They can also use their bitcoin or deposit fiat money to trade bitcoin CFDs or bitcoin futures, all on the same platform. PrimeXBT offers highly competitive trading conditions, with fees as low as 0.05% on cryptocurrency CFDs and 0.01% on cryptocurrency futures. Traders can also use leverage of up to 200x, meaning they can start with a smaller initial deposit. With professional tools including TradingView charts and limit orders such as stop loss and take profit, traders can analyze the market, choose the best time to trade, and manage their risk, to protect themselves in the market.
Learn more aboutbitcoin-in-Any-Market-Conditions” rel=”nofollow noopener” target=”_blank”> PrimeXBT and its platform.
Disclaimer:The content provided here is for informational purposes only and is not intended to be personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant fluctuations in value, which could result in substantial gains or losses. These products may not be suitable for all investors. Before participating, you should consider whether you understand how these leveraged products work and whether you can afford to take the high risk of losing your money. PrimeXBT does not accept clients from Restricted jurisdictions as stated on their website.
