This Friday, Bitcoin reached $11,448, which was its highest price in a while. It’s dropped slightly since but is still flying really high. At the moment of writing, one BTC costs 11,350 according to data from Coinbase.
Only a week ago, we saw BTC dropping several hundred dollars, which makes the recent price surge a sort of a surprise. However, this might not be the end of the bullish surge of the world’s most popular cryptocurrency.
Signs of Bitcoin’s Bullish Behavior This Month
Cryptocurrency enthusiasts have gone into a heated discussion over the latest BTC price change. Despite some sceptics calling for cautions, it seems that the consensus is that we still haven’t seen the best of bitcoin this year.
Many crypto proponents are suggesting that if the price breaks the resistance zone at around $11,300 and stays there for a couple of days, it’s very likely that we’re going to see BTC going over $12,000 by the end of the month. At least, that’s the takeaway crypto fans have gotten from the historical data.
Ether (ETH) Getting Bullish as Well
Bitcoin was not the only cryptocurrency that has seen a price rise over the last couple of days. The same happened with Ether (ETH) that went up by over 3%, eventually reaching the price of $378. At the moment of writing, it stands at $374.2, which is still a pretty high figure. As a reminder, the price of one Ether was $320.63 less than a month ago (September 23).
Other altcoins have followed the same path, with Aave (LEND), Chainlink (LINK), and Cardano (ADA) saw the highest price increase. Each of the three cryptos have gone up by more than 10% over the last couple of days.
Reasons Behind Crypto’s Going Bullish
There were some notable crypto purchases over the last couple of weeks that have probably influenced the price of cryptos.
Jack Dorsey-owned Square Inc. recently bought 4,709 BTC for approximately $50 million. MicroStrategy did something similar, turning its savings from fiat currency into cryptos. Then, there was the story about Warren Buffet moving his assets to Japan.
As we reported a few weeks ago, Buffet’s decision was expected to affect the price of cryptocurrencies. Guess what? We were correct!
Another thing we discussed at CryptoCurrency365 is the impact Donald Trump has on the BTC price. Him getting tested positive for COVID-19 perhaps had an impact on the BTC price drop, but just a few days later, the crypto market stabilized on its own.
A similar period of turbulence in the crypto world is expected in November, around the time of the US Election. However, until then, all the signs are showing that the price of bitcoin and other cryptocurrencies should continue going up, eventually going over the $12k mark.