Bitcoin Price Prediction as BTC Blasts Past $20,000 – Time to Buy?
During the European session, Bitcoin remains bullish, having gained over 5% in the last 24 hours to trade at $20,475 per coin. In the last 24 hours, the total value of all cryptocurrencies has increased by $66 billion, or +7%, to $994.06 billion. As a result, the rest of the cryptocurrency market rose, with many large capitalizations seeing double-digit gains.
A slew of fundamentals are keeping Bitcoin bullish, can we expect BTC to rise further, and is now a good time to buy? Let's find out.
Stock indexes in the United States rose, extending a market rally that had already pushed the Dow Jones Industrial Average to a six-week high. US Treasury rates fell as a result of dismal consumer confidence data and rising concerns about the cost of living, allowing US stocks to rise for the third day in a row.
The Nasdaq Composite rose over 246 points, or 2.3%, to $11,199, while the S&P 500 rose over 60 points, or 1.6%, to $3,859. The Dow industrials gained over 335 points, or 1.1%, to $31,836.
After a string of aggressively raising interest rates to combat inflation, markets are now welcoming the possibility of a Federal Reserve policy easing. Furthermore, the rise in stock prices is fueling the rise in cryptocurrency values. Because these two asset classes are inextricably linked.
The current Bitcoin price is $20,578, and the 24-hour trading volume is $65 billion. Bitcoin has increased by over 5% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $394 billion, up from $388 billion during the Asian session today.
Bitcoin is trading sharply higher during the European session after breaking out of the symmetrical triangle pattern at $19,250. As predicted in the Bitcoin price prediction for October 26th,
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