I’m buying Bitcoin on October 15, 2021, and this is why!

By: Invezz
Is Bitcoin a buy opportunity after the price advanced above $57000?

Bitcoin BTC/USD’s price saw a surge in analyst attention as we saw a continued upside. There are many speculations that the token could potentially reach or get near its all-time high value.

Bitcoin has jumped more than 95% ever since its lowest point in July.

Optimistic trading as a catalyst for growth

While a major US mortgage firm, United Wholesale Mortgage, recently reported that it would discontinue its plan to accept Bitcoin payments, the price of the token is still climbing.

The ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange on Tuesday.

Traders are optimistic about the chances that the SEC will give the green light to the first Bitcoin futures exchange-traded fund.

The approval of an ETF that gives mainstream investors exposure to Bitcoin could potentially be a huge landmark for the cryptocurrency industry as a whole.

Should you invest in Bitcoin (BTC)?

On October 15, Bitcoin (BTC) had a value of $59,265.

To get a better perspective of how this token has grown and what kind of value point this is for the token as a whole, we will be comparing it to its all-time high value as well as its performance in September.

When it comes to the all-time high value of Bitcoin, it was achieved on April 14 when the token saw a value of $64,804. This gives us an indication that when compared to October 15, at its peak, Bitcoin was $5,539 or 9% higher in value.

When we look at Bitcoin’s performance in September, we can see that one of its highest points was on September 7, when it reached a value of $52,701.

That said, one of its lowest points of value in September occurred on September 21, when BTC fell to $40,604.

This gives us a perspective of the fact that BTC fell in value by $12,097 or by 23% from September 7 to September 21.

However, from September 21 to October 15, the token grew in value by $18,661, which is a 46% increase. According to data from IntoTheBlock, within the last seven days, Bitcoin saw $277.21 billion in transactions greater than $100,000.

Additionally, within the last seven days, BTC saw $8.79 billion in total exchange inflows as well as $9.28 billion in total exchange outflows.

With all of this in mind, Bitcoin (BTC) is showing a bullish run and has the potential to reach a value of $62,000 by the end of October.

The post I’m buying Bitcoin on October 15, 2021, and this is why! appeared first on Invezz.

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