As the original digital currency, Bitcoin remains one of the most popular Cryptos to trade. Due to this popularity, its price changes frequently, often having a greater impact on the wider Crypto market. As such, Bitcoin is constantly spotlighted in the media, which closely tracks how the coin is trending and the predictions surrounding its future price.
As a leading Crypto & CFD broker, PrimeXBT empowers Bitcoin traders with all the tools they need to trade in any market conditions. It offers clients various ways to invest in Bitcoin and other Cryptos including purchasing and holding the coins, as well as leveraged trading of derivatives like Crypto CFDs and Crypto Futures.
This article will cover the latest news and predictions about where Bitcoin’s price is going, and how traders can capitalise on the market with PrimeXBT.
Bitcoin Currently Hovering Around $64,000
2024 has been a wild ride for Bitcoin. The Cryptocurrency reached an all-time high above $73,000 in January after the approval of Bitcoin exchange-traded funds (ETFs) resulted in an increase in institutional investment. However, since then, the price has fallen to as low as $53,900 due to various factors including the state of the global economy. Most recently, Bitcoin has been bullish following the U.S. Federal Reserve’s first interest rate cut since the pandemic, which has seen it push back above $64,000. The current positive trend has led to predictions that Bitcoin could now continue its bull run into the end of the year.
Historical Data Suggests October Could be Strong 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, with Bitcoin typically seen rallying around 150 days after a halving event. With the coin’s last halving having taken place in April 2024, we are currently within that time frame. October has also historically been a stronger month for Bitcoin performance, with average past returns of around +23%, further adding to speculation that the Crypto is due a sustained bullish period.
How The Broader Market Context Affects Bitcoin
With the wider world still recovering from the economic effects of Covid-19, Bitcoin’s future is looking promising. As the economy improves we can expect to see additional investment into Bitcoin and other Crypto, while its ongoing adoption as both a payment method and legal tender in certain countries continues to help growth. Improvements in the regulatory framework around Cryptocurrencies, and the introduction of new investment opportunities like with the Bitcoin ETF, are also expected in the near future, which could positively impact the coin.
Capitalising on Bitcoin with PrimeXBT
No matter how Bitcoin is trending, PrimeXBT provides its traders with all the tools needed to capitalise on any market movement. Clients can buy Bitcoin quickly and hold it in their secure PrimeXBT Wallet. They can also use their Bitcoin or deposit fiat 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 Crypto CFDs and 0.01% on Crypto Futures. Traders can also use leverage of up to 200x, meaning they can get started with a smaller initial deposit. With professional tools including TradingView charts and limit orders like stop loss and take profit, traders can analyse the market, choose the best time to trade, and manage their risk, to protect themselves in the market.
Learn more about PrimeXBT and its platform.
Disclaimer: The content provided here is for informational purposes only and is not intended as 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 value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in its website.
