Bitcoin trades at $56,000 as daily settlement value hits $31 billion

[Nathrixxx]

October has been declared a month for the bearish move of Bitcoin since the inception of the positive signals amidst notions predicted, and yet it come to a reality as Bitcoin hit an Hallmark of $31 billion on daily settlement value this same month while it bearish move landed at $56k tremendously, unfortunately to altcoins happens that no observable changes is encountered.

Also, Bitcoin emerges with an outstanding surge to have as at last year with transactions rates increased with over 40% till date, isn't it coming to reality as recently predicted of Bitcoin to reach between $90k to $120k before the end of 2021. Wouldn't it be regrettable to those who fail to have invested earlier on as more visible futures is in Bitcoin, thou its the first crypto and yet maintain it uniqueness and standard among others.Bitcoin trades at $56,000 as daily settlement value hits $31 billion what is our respective intake towards this developments.

[Bitstar_coin]

Well I guess it tells us that times are changing, what happened in previous years may not repeat itself in the same way, unlike before, the adoption of btc have grown so much and so is the likelihood for the price to be sustained, if October was predicted a bearish month for brc but so far only btc in this present October is surging high,
Yeah many people are expecting a drop in price to below 30k however, from the performance of btc price currently I don't know if it is steal possible, perhaps it is too early to tell, maybe by end of October we will be able to draw a more formal conclusion.

[jossiel]

It might be that the cycle and pattern have changed but it might also be not.

The thing is, bitcoin is always changing in terms of its price and even we have different predictions into it, time will come that it will be at the peak price that we're speculating.

As of now, it's on $57k.

[Ararbermas]

I have doubts that bitcoin will exceed more because some  of the alts is decreasing gradually in the market wherein probably most alts holders are jumping to bitcoin, indeed usually all top crypto were following the pattern or trend of bitcoin, but on this  point seems not while bitcoin keep surging.. So there's a potential in my personal opinion that bitcoin will grow more within this month as its keep showing the same pattern.. And for sure the reason behind this situation are those alts holders since mostly alts are not well right now..

[TravelMug]

It might be that the cycle and pattern have changed but it might also be not.

The thing is, bitcoin is always changing in terms of its price and even we have different predictions into it, time will come that it will be at the peak price that we're speculating.

As of now, it's on $57k.

Yeah, and with bitcoin fairly young market, we can't really conclude with any data that we have right now. So still a hit or miss.

Others said that the 4 year cycle might will still holds true, but there are proponents who see that there could be 2 super bullish cycle.

So we will see what the future brings, if we hit 6 digits at the end of the year then good for us.

[jossiel]

It might be that the cycle and pattern have changed but it might also be not.

The thing is, bitcoin is always changing in terms of its price and even we have different predictions into it, time will come that it will be at the peak price that we're speculating.

As of now, it's on $57k.

Yeah, and with bitcoin fairly young market, we can't really conclude with any data that we have right now. So still a hit or miss.

Others said that the 4 year cycle might will still holds true, but there are proponents who see that there could be 2 super bullish cycle.

So we will see what the future brings, if we hit 6 digits at the end of the year then good for us.

I'm optimistic that we'll get to see bitcoin hit a 6 digit soon and it's all on the hope of many. After that, then we'll go for sure see those predictions that are all in for the 7 digit.

Too much and too high but this is bitcoin that has been very volatile that gives that possibility.

[Dhaniii]

Yesterday Bitcoin managed to touch the psychological level of $57k. Even in the last week, bitcoin managed to jump almost 16%. that's a sign that bitcoin continues to be in demand by institutional investors. The price of the majority of cryptocurrencies (cryptocurrencies) with the largest market capitalization fell again in today's trading where only bitcoin and ethereum were still able to survive in the green zone. today trading bitcoin slightly lower on the $56k market with 1.61% green zone.

[Shenzou]

October has been declared a month for the bearish move of Bitcoin since the inception of the positive signals amidst notions predicted, and yet it come to a reality as Bitcoin hit an Hallmark of $31 billion on daily settlement value this same month while it bearish move landed at $56k tremendously, unfortunately to altcoins happens that no observable changes is encountered.

Also, Bitcoin emerges with an outstanding surge to have as at last year with transactions rates increased with over 40% till date, isn't it coming to reality as recently predicted of Bitcoin to reach between $90k to $120k before the end of 2021. Wouldn't it be regrettable to those who fail to have invested earlier on as more visible futures is in Bitcoin, thou its the first crypto and yet maintain it uniqueness and standard among others.Bitcoin trades at $56,000 as daily settlement value hits $31 billion what is our respective intake towards this developments.

I think that there has been a trend over the last couple of years, where at the end of each year and with the finial three months, the prices of cryptocurrency in general surge and go up like crazy, i don't know why this happens or is there is something related to it but either way, the fast price increase is always brining in more people to invest why is by itself is driving the price even further, at this rate and under to right condition we will see the 100k by the end of the year or at least at the start of 2022.

[pooya87]

October has been declared a month for the bearish move of Bitcoin since the inception of the positive signals amidst notions predicted,

Sorry but whoever made such a prediction was an idiot.
There is simply no reason why a particular month should be bullish or bearish. Market could slow down in certain months such as holiday season but that still is not a reason for trend change.

and yet it come to a reality as Bitcoin hit an Hallmark of $31 billion on daily settlement value this same month while it bearish move landed at $56k tremendously,

Proof of why that prediction was idiotic.

unfortunately to altcoins happens that no observable changes is encountered.

There was, altcoins got dumped hard against bitcoin as bitcoin price went higher and higher.
And the daily shitcoin pump and dump went on as always.

Also, Bitcoin emerges with an outstanding surge to have as at last year with transactions rates increased with over 40% till date,

Wrong. Transaction "rate" has been the same as before.

[masulum]

I think that there has been a trend over the last couple of years, where at the end of each year and with the finial three months, the prices of cryptocurrency in general surge and go up like crazy, i don't know why this happens or is there is something related to it but either way, the fast price increase is always brining in more people to invest why is by itself is driving the price even further, at this rate and under to right condition we will see the 100k by the end of the year or at least at the start of 2022.

Indeed, in recent years, this pattern often occurs. I myself have been following the BTC price trend since 2016 and noticed that there is a similar pattern between this year and 2017. This is certainly one of the important knowledge for me or even for new traders, because it will be easier to try to follow the pattern even though it is not 100% the same. Traders may find it easier to take profits at the end of the year or early January.

[perfect999]

I wouldn’t blame those that never invested and didn’t believe that the market would go above the last ATH that it did this year. The market can be really hard to understand at times, and some of them thought that since we have already seen a bull run and the market has plummeted to a lower price, then it might not be getting back up again and the predictions that were being made about the price reaching $100,000 before December is just another speculation that’s never going to happen. That’s why the market is all about patience, if you can have patience you’re always going to be able to benefit from the market most of the times.

[Coin-1]

what is our respective intake towards this developments.

My intakes are as follows. Obviously, on October 9, 2021, some whales focused on Bitcoin and purchased a lot of BTC coins. Oddly enough, they didn't use the OTC markets for these big financial deals.

I can humbly make an assumption that this outstanding surge of the Bitcoin price on cryptocurrency exchanges is driven by the recent news of the MtGox centralized exchange which is going into bankruptcy since 2014. As far as I understand, the recent vote has failed, so the rehabilitation plan was finally rejected on October 8, 2021. This means that at best, customers will be reimbursed as little as 485 USD per BTC.

Perhaps those whales realized that bailiffs in Japan would not dump all 600 thousand bitcoins in the foreseeable future, so they decided to urgently invest in Bitcoin while its price is not so high.

[cryptoaddictchie]

During the month of October we noticed the high influx of inevestors and purchases of bitcoin. This shows that many are still positive about bitcoin reaching a 100k level anytime soon. Were just 3months away before ending this year and it would be great to see another milestone before we reach 2022.

Most altcoins will benefit from this as bitcoin pulling them upward too. But of course we cant be sure of that until this year finishes.

[slaman29]

When was October declared a bearish month? I know the media says September is always traditionally a poor month for performance, but that just makes October a month for recovery as we're seeing now.

Fine, BTC couldn't keep 57k but it's holding very well above 55k now. Alts not doing so great, this is where BTC showing its muscles to the audience

[DeathAngel]

When was October declared a bearish month? I know the media says September is always traditionally a poor month for performance, but that just makes October a month for recovery as we're seeing now.

Fine, BTC couldn't keep 57k but it's holding very well above 55k now. Alts not doing so great, this is where BTC showing its muscles to the audience

I don’t know why the OP says that but historically October is a bullish month for bitcoin when in a bull (post halving) year. In fact Q4 is very bullish the year after the halving. I guess noobs gonna noob, dumb OP.

[hugeblack]

The price of bitcoin is not affected by altcoins while altcoins are affected by the price of bitcoin, so the altcoin market moves when bitcoin changes strongly otherwise prices follow the bitcoin price.

It is wrong to bet in the futures market that Bitcoin will reach 90,000 or more before the end of the year because reaching those levels is slow and may collapse within two or three days.

Nor is it a guarantee that the price will reach those levels.

[slaman29]

When was October declared a bearish month? I know the media says September is always traditionally a poor month for performance, but that just makes October a month for recovery as we're seeing now.

I don’t know why the OP says that but historically October is a bullish month for bitcoin when in a bull (post halving) year. In fact Q4 is very bullish the year after the halving. I guess noobs gonna noob, dumb OP.

Yeah, that was my point too. I suppose the thing about analysis is you always see what you want to see, and any chart in the hands of an analyst can render the readings that you require. Which is the important thing to remember when reading analysis actually! n00b gonna n00b but honestly even pro veterans fall for the same trap