March 28, 2024

CEX.IO company blog | How much will Bitcoin cost in October?

Recently, the euro and the dollar have been growing rapidly. How this will affect the value of the cryptocurrency? Comments by Yuri Mazur, head of data analysis department at CEX.IO Broker.

Bitcoin has now stabilized atrange of $10,000-11,000, however, turbulence on financial markets may adjust investor sentiment in the cryptocurrency market. The main agenda for all market participants is the US presidential election race. A Democratic victory will lead to a weakening of the US dollar, while a Trump victory will most likely lead to even greater turbulence on financial markets and a rise in the dollar against all assets. In addition, the epidemiological situation in the world will also affect the quotes of cryptocurrencies, since the increase in morbidity and subsequent quarantine measures will most likely weaken trade turnover between countries and, as a result, weaken cryptocurrencies.

On the other hand, the supporting factor for Bitcoin will be the anticipation of the Ethereum network restart.

We predict that in the near future and inIn October, the BTC/USD pair will maintain its positions within the range of $10,000-11,000 with temporary surges in quotations above $11,000. Nevertheless, the decisive date for the crypto market, as for all financial assets, will be November 3, when all markets freeze in anticipation of the results of the US presidential election. After the announcement of the results, we should expect a powerful movement in all cryptocurrency instruments.

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