In late October, Bitcoin (BTC) finally broke out of its doldrums, crossing 30,000, even reaching over 30,000, even reaching over 35,000 on several occasions in the past week. However, the move has not been sustained and is currently trading just below $35,000.
While the price of Bitcoin has remained relatively stable in the first week of November, many believe that this stage represents a build-up before the next breakout. October’s rally drew attention to the cryptocurrency and reignited enthusiasm in the market, and behind-the-scenes data supports the trend.
On November 4th, there was a significant increase in new addresses to the Bitcoin network with around 700,000 new addresses within 24 hours. As interest in Bitcoin increases, its price is likely to experience a rapid rally once it decisively breaks through key psychological levels, both bullish and bearish.
While many expect Bitcoin to continue its growth, some even see it as bullish before the halving, some analysts are warning that a major price correction may be imminent. However, others dismiss this possibility and believe that if Bitcoin can definitively break above 35,000, it could rise $50,000 to $60,000 by the end of the year.
In terms of adoption, there has been significant institutional interest in Bitcoin throughout 2023, even during periods of recession. Prominent companies such as BNY Mellon in the US and DZ Bank in Germany have shown interest in blockchain technology and custodial services. Additionally, both of Argentina’s presidential candidates have expressed their support for digital currencies, with plans for national mining programs and a preference for Bitcoin over centrally controlled currencies.
As of press time, Bitcoin is trading at $34,711, representing a 1.24% decline in the last 24 hours. However, it is up 24.48% from the previous month and up 109% from the previous year.