Why Can We Expect Bitcoin’s Price to Keep Rising?

Bitcoin has experienced a roughly 10% rise over the past month, as optimism continues to grow in the market.

The cryptocurrency’s price has been climbing since October 11, coinciding with steady positive inflows in spot BTC ETFs, which have seen several consecutive days of gains.

After trading around $60,000 in early October and moving with little activity through the 10th, buying pressure began to pick up. This helped propel Bitcoin out of a consolidation period, driving the price upward to reach $68,149 as of mid-October, translating to a 12% increase for the month.

The market has shown resilience, particularly with spot BTC ETFs recording a continuous streak of net inflows, peaking at $555.90 million on October 14. Additionally, the uptick in active Bitcoin addresses suggests heightened interest, indicating stronger engagement from traders.

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A technical indicator known as a “golden cross,” where a short-term moving average surpasses a long-term average, may soon emerge. As Bitcoin continues its upward trend, this signal, along with positive ETF flows and increased market activity, suggests the possibility of further growth ahead.

Alexander Zdravkov