Home Markets Bitcoin Restarts 2023 Uptrend After 26% “Uptober” BTC Price Gains: Is This the Start of a New Bull Run?

Bitcoin Restarts 2023 Uptrend After 26% “Uptober” BTC Price Gains: Is This the Start of a New Bull Run?

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Bitcoin Restarts 2023 Uptrend After 26% “Uptober” BTC Price Gains: Is This the Start of a New Bull Run?

On October 29th, 2023,

almost the course of the month of October, Bitcoin (BTC) has gained almost 26%, significantly outperforming the stock market. Given that Bitcoin’s price movement is sometimes used as a barometer for the entire cryptocurrency market, this is good news.

Glassnode discovered that the current price increases in Bitcoin have laid the groundwork for the 2023 upswing to be resumed. According to the study, Bitcoin (BTC) has broken through a number of significant resistance levels, including the $28,400 level represented by the 200-week simple moving average.

Glassnode also notes an uptick in investor profitability over the past several weeks across a number of different demographic groups. For instance, most recent investors are sitting on an average gain of 20% now that the Short-Term Holder (STH) cost basis of $28,000 is in the rearview mirror.

According to the report, “a meaningful proportion of supply and investors now find themselves above the average break-even price, located around $28,000.” This lays the groundwork for the 2023 rise to resume.

Many explanations have been proposed for Bitcoin’s recent price increases.

Demand and price are being fueled by the growing number of institutional investors who are include Bitcoin in their portfolios.
As the US currency falls: Bitcoin has been more appealing to investors as the US dollar has declined versus other major currencies in recent months.
Recent weeks have seen a number of promising developments in the cryptocurrency business, including the introduction of new fiat-to-crypto exchanges and the creation of innovative metaverse projects.
The recent price increases of Bitcoin are indicative of a healthy cryptocurrency market. Whether or not BTC maintains its recent momentum remains to be seen, but the year 2023 should be a bullish one.

What exactly does this imply for financiers?

Bitcoin’s recent price increases are encouraging news for cryptocurrency investors. This would indicate that the market is beginning to recover from the bear market of 2022, and that BTC is likely to resume its upward trajectory over the next few months.

However, keep in mind that the cryptocurrency market is still highly volatile, and significant sell-offs are always a possibility. Before putting money into Bitcoin (BTC) or any other cryptocurrency, investors should carefully examine how much risk they can afford to take.

New investors should learn about the market and the risks associated with cryptocurrency investments before making any purchases. Never invest more than you can comfortably afford to lose.

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