Bitcoin Reclaims $69K After Golden Cross

As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen many trends come and go. However, the surge of Bitcoin above $69,000 is one that has piqued my interest like no other. Having closely watched the crypto market since its inception, I must admit that it’s not every day you witness a digital asset reaching such heights.


As a researcher delving into the realm of digital currencies, I’m excited to share that Bitcoin, the foremost cryptocurrency, has soared past the $69,000 mark, touching an intraday peak of $69,222 on Bitstamp, as per CoinGecko’s latest data. This surge follows the formation of a bullish golden cross pattern on its daily chart, suggesting optimistic sentiments in the market.

As a researcher, I am thrilled to note that the value of the cryptocurrency has soared to its peak point since October 21, which marks the day it reached a significant multi-month high of $67,487.

As a crypto investor, I’ve noticed a significant surge in the share prices of major cryptocurrency-related companies, mirroring the rise of the leading digital currencies. For instance, Coinbase (COIN) has climbed more than 3%, and mining giants like Riot Platforms (RIOT) are also showing positive gains.

According to cryptocurrency analytics firm CryptoQuant, cryptocurrency miners are currently betting on a Bitcoin price spike.  

Despite an underwhelming start, the cryptocurrency is already up by nearly 9% during this month. 

To this point, Bitcoin has yet to break through the crucial $70,000 barrier that bears have successfully protected in numerous instances.

Bitcoin to $3 million? 

On a recent Monday broadcast on CNBC, Matthew Sigel, the chief of digital assets at VanEck, expressed an optimistic viewpoint suggesting that the value of Bitcoin might soar to approximately $3 million by the year 2050.

If Bitcoin gains traction as a global reserve asset for trade and is accepted by international central banks, it could become feasible.

As for the most recent Bitcoin price rally, Sigel attributes this to re-accelerating money growth. 

Bitcoin’s dominance continues to grow 

According to U.Today’s report, Bitcoin’s dominance is nearing the 60% mark, which is its highest level since the start of 2021.

After Bitcoin’s latest price surge, it seems this measure is on track to hit a new peak not seen for several years.

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2024-10-28 19:13