Bitcoin Surges Above $74K – Is “Uptober” Finally Here? What’s Next?
In the last 24 hours, Bitcoin’s trading price surged above the $73,500 level, according to data from popular coin-tracking site CoinMarketCap (CMC). The current trading price of Bitcoin is $72,241, marking a 1.86% increase over the past 24 hours.
Many observers are noting the rise in Bitcoin’s price, aligning with the expected bullish trend for October, often referred to as “Uptober.”
Yesterday, the Bitcoin spot ETF market experienced a net inflow of $870 million, the largest since June 5. BlackRock’s ETF IBIT saw an inflow of $643 million, while Fidelity’s ETF FBTC received $134 million. Ethereum’s spot ETF had a net inflow of $7.65 million.
Bloomberg ETF expert Eric Balchunas noted that BlackRock’s BTC spot ETF IBIT traded $3.3 billion yesterday, its highest volume in the last six months. He attributed this surge partly to FOMO (fear of missing out) sparked by Bitcoin’s price rise.
With Bitcoin’s price surge, large Bitcoin holders, including institutions and countries, are celebrating unrealized profits. Nasdaq-listed business intelligence firm MicroStrategy currently holds 252,220 BTC, which has led to an unrealized profit of $8.3 billion.
El Salvador, often called the “Bitcoin Bull Country,” is also enjoying a 64% profit, equivalent to $87,405,308, on its holdings of 6,141 BTC. The country has been purchasing 1 Bitcoin per day for several months.
Popular crypto analyst Ali suggested that in previous market cycles, Bitcoin’s price has often peaked within the 1.618 to 2.272 Fibonacci retracement range. Following this pattern, he predicts the next Bitcoin bull run could see a price peak between $174,000 and $462,000, using historical trends as a guide for potential future highs.
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