Bitcoin Soars to 17-Month High: $40K Next?

Published by

Sohrab Khawas

November 1, 2023

Bitcoin is on fire! The leading digital currency experienced a remarkable 27% surge in October, soaring to a 17-month high of $35,000. This rally has left investors wondering: Is Bitcoin on the verge of another bull run? Could $40,000 be the next target?

Read on to find out more about Bitcoin’s recent surge and what it could mean for the future of cryptocurrency.

Bitcoin’s October Rally

The sudden upswing in Bitcoin’s price followed a period of relative stability in the first half of October when it was hovering around $27,000. The recent Bitcoin price surge might be linked to false reports about Blackrock’s spot ETF approval.

Meanwhile, this surge comes in anticipation of the Federal Reserve’s upcoming interest rate decision, with most analysts predicting that policymakers will opt to keep the rates unchanged.

However, the impact of this rally isn’t just limited to Bitcoin alone. The entire cryptocurrency market experienced a surge, witnessing its total market capitalisation jump by nearly 19%, reaching a staggering $1.255 trillion. This increase in crypto wealth is the most significant since January, when it surged by 33%.

Looking ahead, Bitcoin’s breakout in October and the potential for a fresh yearly high have ignited discussions of the following significant upside extension. Many experts are eyeing a target of $40,000 in the coming weeks, while some believe this is just the beginning.

Did Panic Buying Actually Help?

Matrixport, a crypto investment services firm, suggests that Bitcoin’s elevated funding rates in the derivatives market indicate that many traders engaged in “panic buying,” fearful of missing out on the rally.

The buzz surrounding Bitcoin ETFs, combined with sector-specific momentum, short liquidations, and macroeconomic factors, contributed to the surge.

Bitwise asset management’s analyst, Ryan Rasmussen, believes a spot Bitcoin ETF could bring in $50 billion to $100 billion in the next five years. While we’re expecting the SEC’s decision on Bitcoin ETFs in December, many believe Bitcoin might keep going up.

Cryptos in the Spotlight

And it’s not just Bitcoin; other cryptocurrencies are also doing well. Solana (SOL) made an incredible 70% return, and Ethereum’s ether (ETH) went up by 7%.

October’s price surge has brought new hope to the cryptocurrency market, getting closer to that $40,000 mark.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.