2024

Cryptocurrency

Bitcoin

Time

<p style="font-weight: 400;">Bitcoin price has recently reached the level of $67,800, which became its 10-week high thanks to both institutional investors and whales’ bumper. Crypto <a href="https://cryptoslate.com/bitcoins-climb-to-10-week-high-driven-by-institutional-interest-whale-accumulation/" rel="nofollow noopener" target="_blank">sources report</a> published on October 16, 2024 proposed the demand of the flagship Cryptocurrency had surged by 177,000 Bitcoins during the week — the highest since April. While the increase enthused many other investors, several analysts have noticed that some external factors, including changes in regulating the market and fluctuations in the macro environment, can still affect the share’s volatility.</p>  
<figure class="wp-block-image size-full">
 <img loading="lazy" loading="lazy" decoding="async" width="728" height="90" class="wp-image-50922 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-Exploding-728x90-1-1-2.gif" alt="Bitcoin Price Soars to 10-Week High, Time to Cash Out or Start of a Bull Run? Let’s Find Out = The Bit Journal" title="Bitcoin Price Soars to 10-Week High, Time to Cash Out or Start of a Bull Run? Let’s Find Out 49">
 <figcaption>
  Bitcoin Price Soars to 10-Week High, Time to Cash Out or Start of a Bull Run? Let’s Find Out 52
 </figcaption>
</figure>  
<h2 style="font-weight: 400;" id="strong-demand-from-institutions-strong"><strong>Demand from Institutions</strong></h2> 
<p style="font-weight: 400;">The primary reason for Bitcoin price recent rally can be attributed to institutional adoption, especially through the spot ETFs in the U.S. In the CryptoQuant report, the institutions have recently bought nearly 8,000 BTC, which has been the highest single-day buying since July 2024. Such activity has helped bitcoin trading past the $67,000 figure, with experts implying that there may be more upside if the institutional demand persists.</p> 
<p style="font-weight: 400;">CryptoQuant noted that its report shows that “Bitcoin’s recent spike is down to rising institutional adoption in the market.” ‘This is an indication of increasing optimism, particularly given expectations that other approvals for spot Bitcoin ETFs could be next.</p> 
<figure id="attachment_50881" aria-describedby="caption-attachment-50881" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-50881 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/3EF92B4E-C2B6-4493-81FD-775565184CC8.webp" alt="Bitcoin Price" width="1792" height="1024" title="Bitcoin Price Soars to 10-Week High, Time to Cash Out or Start of a Bull Run? Let’s Find Out 50">
 <figcaption id="caption-attachment-50881" class="wp-caption-text">
  Bitcoin Price
 </figcaption>
</figure> 
<p style="font-weight: 400;">Notably, spot ETFs in the first quarter of 2024 purchased an average 9000 Bitcoin per day. This influx from institutional investors has not only sustained Bitcoin price present rally but has also cultivated a bullish perception across other digital currencies. With schools coming into the market, the Bitcoin price is poised for continued increases in the near future.</p> 
<h2 style="font-weight: 400;" id="strong-whale-accumulation-in-full-force-during-uptober-strong"><strong>Whale Accumulation in Full Force During ‘Uptober’</strong></h2> 
<p style="font-weight: 400;">Institutional investors or “whales” have also contributed much to the high rise in Bitcoin price. From the data available at CryptoQuant for BTC holdings by various categories of investors, it is seen that the whales are accumulating more and more of it and presently hold 670 K BTCs. These holdings do not include Bitcoin held at exchanges and mining pools, which means that these investors are using long term investments.</p> 
<p style="font-weight: 400;">This accumulation has occurred at the right time of ‘Uptober’ a period that has always been bullish for Bitcoin especially in halving years. Bitcoin’s price movements during halving years have been remarkable: For example, the price of Bitcoin price went up by 9% in Q4 2012, surged by 59% in Q4 2016, and rose by 171% Q4 2020. As for the fourth quarter of 2024, it also upholds this trend and strengthens the view of the increase.</p> 
<figure id="attachment_50882" aria-describedby="caption-attachment-50882" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-50882 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/A46E846B-32F8-413F-8C62-4CF14EEFC51C.webp" alt="Bitcoin Price" width="1792" height="1024" title="Bitcoin Price Soars to 10-Week High, Time to Cash Out or Start of a Bull Run? Let’s Find Out 51">
 <figcaption id="caption-attachment-50882" class="wp-caption-text">
  Bitcoin Price
 </figcaption>
</figure> 
<p style="font-weight: 400;">‘The market’s activity is most directly tied to whales,’ commented one analyst. “The possibility of big investors buying more cryptocurrency indicates that investors are confident about the future of Bitcoin, especially in the prevailing market conditions.”</p> 
<p style="font-weight: 400;">Having learned about whales’ activity from CryptoQuant, more and more people are interested in Bitcoin price at the moment, opening long positions. It important to note, that this trend can be affected by external factors such as changes in regulations.</p> 
<h2 style="font-weight: 400;" id="strong-caution-amid-optimism-external-factors-at-play-bitcoin-price-strong"><strong>Caution Amid Optimism: External Factors at Play Bitcoin Price</strong></h2> 
<p style="font-weight: 400;">However, they add that these indicators may be sensitive to outside shocks and, therefore, instability can emerge in the market. Regularity and macro economy environment are still the biggest unknown factors. With more countries’ governments weighing the place of cryptocurrencies in countries’ economies, new regulations could either help or reduce the value of Bitcoin price.</p> 
<p style="font-weight: 400;">However, inflation and central ‘bank policies’ about such things as ‘money supply and base rates’ similarly have an automatic bearing on what may be coming in the Bitcoin market. They also mentioned that changes in inflation and interest rates could influence the global economy, which can change investor’s attitude to Bitcoin and its further price movements.</p> 
<p style="font-weight: 400;">As long as the uptrend persists however, the Bitcoin price remains responsive to these other larger economic trends. While significant institutional demand and accumulation by intelligent large investors can come to the short-term aid of the market, its key trends may depend on the changes in the aforementioned external factors.</p> 
<h2 style="font-weight: 400;" id="strong-conclusion-despite-the-bright-future-of-bitcoin-a-lot-is-still-unknown-strong"><strong>Conclusion: Despite the bright future of Bitcoin, a lot is still unknown.</strong></h2> 
<p style="font-weight: 400;">The crypto market was given a fresh morale boost as Bitcoin rises to a 10-week high. Spot ETFs, Institutions, as well as whales continue to support the flagship cryptocurrency, and this has led to the highs of $67,800. Nonetheless there are concerns for external influences such as government policies and the general economic environment of the world market.</p> 
<p style="font-weight: 400;">The current trend of Bitcoin price is likely to prevail further, according to crypto sources, because of institutional buying and seasonal factors. Long story short, if external threats remain controlled, Bitcoin is capable of making new highs, however, investors should be prepared for further wild swings in the future. Keep following <a href="https://thebitjournal.com/">TheBITJournal</a> and keep an eye on Bitcoin prices and trends.</p> 
<p style="font-weight: 400;">Follow us on <a href="https://twitter.com/Thebitjournal_" rel="nofollow noopener" target="_blank">Twitter</a> and <a href="https://www.linkedin.com/company/the-bit-journal/" rel="nofollow noopener" target="_blank">LinkedIn</a>, and join our <a href="https://t.me/thebitjournal" rel="nofollow" target="_blank">Telegram</a> channel to be instantly informed about breaking news!</p> 
<p>&nbsp;</p>

Bitcoin Price Soars to 10-Week High, Time to Cash Out or Start of a Bull Run? Let’s Find Out

Table of Contents

The Bit Journal

Other articles published on Oct 17, 2024

Kamala’s outreach to Black Men in Crypto is her last-ditch attempt to avoid the inevitable

BREAKING: Person Arrested for Hacking SEC’s Twitter Account and Sharing Fake Bitcoin ETF Approval

ZachXBT vs. Murad Mahmudov: Doxxing Debate Shakes Crypto Twitter

These 3 Altcoins Could Outperform Polkadot’s Historic 7000% Rally – Is Altseason Here?

Warren’s Debate with Deaton Disrupts Her Winning Chances

Presale Token PCHAIN Flashes Buy Signal that Triggered the Dogecoin Price 2021 Rally from $0.01 t...

Join our free newsletter for daily crypto updates!