Will the Rally Continue After Bitcoin’s Recent Surge? Expert Comments
Bitcoin has been showing a strong rise since the beginning of October, confirming the phrase “Uptober” frequently used by cryptocurrency investors.
As of today, the Bitcoin price has climbed above $123,000, just a few hundred dollars shy of its all-time high recorded in mid-August. BTC has been trending upwards for the past five days.
Bitcoin's steady appreciation despite market volatility caused by the US government shutdown was driven by a report published by JPMorgan analysts. The report predicted that Bitcoin could reach $165,000 by the end of the year. Analysts argued that Bitcoin stands out as a hedge against the devaluation of fiat currencies.
Crypto advocates have long argued that Bitcoin's decentralized nature can provide a safe haven during times of government-driven uncertainty. Investors' recent interest in Bitcoin, particularly in the face of threats of new tariffs, supports this argument. JPMorgan has stated that Bitcoin is still “undervalued” compared to traditional hedges like gold.
Bitcoin's rally is being accompanied by other cryptocurrencies, with Ethereum rising nearly 9% in the past week, reaching $4,500.
However, not everyone is as optimistic as JPMorgan. Alex Blume, CEO of investment advisory firm Two Prime, described this rise as a “fragile rally.” Blume said the rise could be due to expected market movements in the final quarter of the year, adding that the increased money supply coupled with the Fed's interest rate cuts provides a clear advantage for Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Vitalik Buterin's Latest Support for ZK Technology and What It Means for the Cryptocurrency Industry
- Vitalik Buterin is driving a blockchain shift via ZK tech, enhancing Ethereum's scalability and privacy. - ZK infrastructure's $28B TVL surge highlights projects like zkSync Era and StarkNet boosting DeFi and gaming. - Investors target EVM-compatible ZK rollups and privacy toolkits, aligning with Ethereum's ZK roadmap.
XRP News Today: IMF Cautions That Tokenized Markets Could Face Collapse Without International Cooperation
- IMF warns tokenized markets risk destabilizing flash crashes due to rapid growth and interconnected smart contracts. - XRP highlighted as potential cross-border payment solution but not endorsed, alongside Stellar and Bitcoin-Lightning hybrid models. - Global regulators intensify oversight of tokenized assets, with ESMA, SEC, and central banks addressing governance and liquidity risks. - IMF stresses urgent need for coordinated policy frameworks to prevent fragmentation and systemic vulnerabilities in ev
Solana News Today: Avail's Nexus Mainnet: A Borderless Blockchain Ecosystem
- Avail launches Nexus Mainnet, a cross-chain infrastructure unifying liquidity across Ethereum , Solana , and EVM-compatible chains. - The platform uses intent-solver architecture and Avail DA verification to replace bridges, enabling seamless asset movement and shared liquidity. - Integrations with major chains and partners like Lens Protocol aim to streamline DeFi and trading, while $AVAIL token coordinates cross-chain transactions. - With Infinity Blocks targeting 10 GB blocks, Nexus addresses liquidit
Cardano News Today: ETFs Turn to Alternative Coins While ADA Stumbles and XLM Gains Momentum with ISO Compliance
- Franklin ETF expands holdings to include ADA , XLM, XRP , and others, reflecting institutional altcoin diversification driven by ISO 20022 compliance and SEC-approved rules. - Cardano faces short-term bearish pressure with 31% monthly decline, contrasting Stellar's bullish 2025/2030 price projections ($1.29–$6.19) fueled by RWA and cross-border payment demand. - ISO 20022 adoption (97% payment instructions) positions ADA/XLM as bridges between DeFi and traditional finance, with Ripple's ILP enhancing XLM
Trending news
MoreCrypto prices
More
