CoinGecko reported that the price of Bitcoin reached $66,500 in late trading on October 14th. This is the highest level since late September when it touched a similar price but was rejected by resistance.
The asset seems to be behaving similarly again, as it retreated to $65,400 in Asian trading on Tuesday morning due to resistance. Analyst “CrediBULL Crypto” warns against celebrating before the real breakout occurs, as it has not happened yet.
However, BTC rose 2.4% on that day and has risen 5% since the same period last week.
Bitcoin bull market is back
On October 15th, Ki Young-Ju, CEO of CryptoQuant, released a chart showing that “apparent demand,” the difference between production and inventory changes, has reached its highest level since the highs in March and April.
He explained that if the decrease in inventory exceeds production, or in this case, mining issuance, then demand increases, and vice versa.
#Bitcoin
The apparent demand has clearly returned.
h/t
@jjcmoreno
pic.twitter.com/82WV1s3x2r
–Ki Young Ju (@Ki_Young_Ju)
October 15, 2024
Meanwhile, HODL15Capital posted, “Uptober” has finally arrived. Bitcoin’s overall gains this month are the same as in 9 out of the previous 11 Octobers. The market sentiment for Bitcoin has become overwhelmingly bullish, with the fear and greed index soaring to a reading of 65, indicating “greed.”
The comments from the CEO of BlackRock, Larry Fink, have somewhat fueled this trend. In the company’s Q3 earnings conference call, he stated that Bitcoin could become as big as the US real estate market. He also expressed his disbelief that any US presidential candidate would take action, as the utilization of (digital) assets will increasingly become a reality globally.
Bitcoin investors have started calculating and comparing the $50 trillion real estate market with the potential price increase of Bitcoin.
“Bitcoin will become as big as the US real estate market”
–Larry Fink.
The current market is $50 trillion. Let’s estimate it will reach $100 trillion by 2040. That is 76 times the market value of Bitcoin at $1.3 trillion.
In other words, Bitcoin will reach $5 million. Source: The Most Important Charts in…
–Fred Krueger (@dotkrueger)
October 14, 2024
Institutional investors have also turned bullish, with the US physically-backed Bitcoin ETF experiencing its largest net inflow day since June, reaching $556 million. Fidelity’s FBTC ETF led the way with an inflow of $239.3 million.
Metaplanet buys more BTC
Lastly, Metaplanet (commonly known as Asia’s MicroStrategy) has made another purchase of BTC. The Japanese investment company bought 107 Bitcoins worth $7 million on October 15th, bringing its total holdings to 855.4 Bitcoins (valued at approximately $56 million at the current price).
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@asteroid_JP
Additional purchase of 106.976
#Bitcoin
1 billion yen, with an average price of 9,347,891 yen per coin
$BTC
As of October 15th, Metaplanet holds approximately 855.478 Bitcoins, acquired at a price of 7.965 billion yen, with an average price of 9,310,061 yen
$BTC
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#メタプラネット
pic.twitter.com/DsTe7yAYoY
–Simon Grovich (@Gerovich)
October 15, 2024
The company started its Bitcoin purchasing strategy in May. Since the beginning of May, its stock price has surged by 280% and has risen by approximately 15% this week after the purchase.