Will the Rally Continue After Bitcoin’s Recent Surge? Expert Comments
Bitcoin has been showing a strong rise since the beginning of October, confirming the phrase “Uptober” frequently used by cryptocurrency investors.
As of today, the Bitcoin price has climbed above $123,000, just a few hundred dollars shy of its all-time high recorded in mid-August. BTC has been trending upwards for the past five days.
Bitcoin's steady appreciation despite market volatility caused by the US government shutdown was driven by a report published by JPMorgan analysts. The report predicted that Bitcoin could reach $165,000 by the end of the year. Analysts argued that Bitcoin stands out as a hedge against the devaluation of fiat currencies.
Crypto advocates have long argued that Bitcoin's decentralized nature can provide a safe haven during times of government-driven uncertainty. Investors' recent interest in Bitcoin, particularly in the face of threats of new tariffs, supports this argument. JPMorgan has stated that Bitcoin is still “undervalued” compared to traditional hedges like gold.
Bitcoin's rally is being accompanied by other cryptocurrencies, with Ethereum rising nearly 9% in the past week, reaching $4,500.
However, not everyone is as optimistic as JPMorgan. Alex Blume, CEO of investment advisory firm Two Prime, described this rise as a “fragile rally.” Blume said the rise could be due to expected market movements in the final quarter of the year, adding that the increased money supply coupled with the Fed's interest rate cuts provides a clear advantage for Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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