This week, Bitcoin (BTC) has experienced a surge of over 10%, driven by increasing institutional interest. This supports the trend that September’s downturns are often followed by significant upward movements.
Historically, October is known for yielding substantial returns for Bitcoin, averaging over 20%. This pattern has earned the month the nickname “Uptober.”
This year’s scenario is particularly intriguing as favorable macroeconomic factors have bolstered Bitcoin’s price. Notably, a U.S. government shutdown occurred after Congress failed to pass a funding bill on Wednesday, October 1.
With these positive elements aligning, it’s no surprise that “digital gold” has seen its value rise in recent days. Since early this month, Bitcoin’s market capitalization increased from $2.276 trillion to approximately $2.40 trillion as of Friday, October 3rd according to CoinMarket Cap—an increase of $124 billion or nearly 5.5%.
Currently trading at around $120,280, BTC shows a modest daily gain of about 0.60%.
Bitcoin on an Upward Trajectory
The reclaiming of the $120,000 mark has boosted investor confidence especially within exchange-traded funds (ETF). For example, BlackRock alone attracted inflows totaling $446 million on Thursday, October 2nd.
The activity among large holders is also notable with whales acquiring more than 30 thousand Bitcoins worth approximately $3.6 billion in just two days.
If this appetite continues it could further propel momentum potentially reaching new all-time highs during Q4; ahead , Citigroup elevated their year-end target for BTC to $132,000;...
Maintaining above ‘$120′, ‘000’‘
would be crucial with immediate resistance found at ‘$122′, ‘000’, which sits just below August’s ATH (all-time high). A drop under $120′, ‘000’, however,
