CandleFocus Bitcoin Boom: Is BTC Preparing For Another 6X To $462,000?
2024-10-31
Author: Content Editor
Bitcoin has been steadily increasing in value, reaching new highs of over $72,000. One analyst believes that Bitcoin will not only break its previous all-time high of $74,000 but could potentially increase sixfold to over $462,000. This prediction is based on the coin breaking above key resistance levels and following the pattern of previous cycles. However, it should be noted that the range for these predictions is subjective and may vary depending on the analyst. Despite this, there is a consensus that Bitcoin could reach new all-time highs in the fourth quarter of 2024. Additionally, institutions are showing increased interest in Bitcoin, with significant inflows reported as they buy more shares on behalf of their clients. On October 29, spot Bitcoin ETF issuers in the United States purchased $870 million worth of shares, with BlackRock's IBIT alone accumulating over $24.9 billion in BTC under management.
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