CandleFocus This Is Why Bitcoin (BTC) May Reach $73,000 In October
2024-09-30
Author: Content Editor
The article discusses the potential for a parabolic rally in Bitcoin (BTC) in October. Several on-chain metrics indicate that BTC may reach the $73,000 price level. The increasing demand for Bitcoin Spot ETF, particularly from US traditional investors, is seen as a significant factor for a potential rally above $70,000. Additionally, the accumulation of BTC by US-based retail and institutional investors, as reflected in the Coinbase Premium Index, suggests further price growth. The rising open interest in Bitcoin futures and options contracts also points towards a continued rally. However, some analysts view the high open interest as a risk for long position holders. While on-chain data suggests a bullish bias towards Bitcoin, the Crypto Fear & Greed Index indicates an overheated market, which historically signals a potential price correction. If a correction occurs, BTC's price could drop by 15% to around $54,302.
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