Bitcoin is now sitting back at $61,000 after dropping down to $30,000 in July. The price sat around $40,000 for a while and is now making a healthy run up. There are several reasons for this run and we wanted to highlight some of them. Bitcoin is making an impressive run but overall the crypto market is moving in a very bullish direction.
One of the simplest reasons for the increase in value is the time of year it is. In the past this is when BTC and Crypto started to take off. “Bitcoin has generally performed better in the last quarter (Q4) of the last few years. The value of Bitcoins saw positive growth and began rising to start from Q4, last year.” The previous article shows a graph which highlights the performance in quarter 4 and so far we are off to a strong start. BTC has the ability to blow past its previous high of $64,899 this time around. There is speculation that the price may reach $100,000 by December or January. While that may seem high, it is possible with the runs that BTC has had.
Bitcoin should have a good 4th quarter
Current Price: $61,500
Three-Four Months: $80,000
Six Months: $90,000
One Year: $100,000
Jack Dorsey, the owner of Twitter and Square is a big believer in BTC. “Square has begun work on an open-source bitcoin mining system according to a Friday tweet from company founder and CEO Jack Dorsey.” The article goes on to talk about how Jack feels that mining needs to be more distributed and accessible. We just wanted to highlight this since Dorsey seems to be positively affecting the price of BTC.
One of the biggest things is the new ETF funds that got accepted by the SEC. “ProShares filed an amended prospectus on Friday, indicating that it has received the go ahead for its Bitcoin Strategy ETF to move forward on Monday. The company's ETF is tied to Bitcoin futures contracts, rather than directly to the current price of Bitcoin, but its approval still represents a landmark moment for the crypto industry.” (Click here to see the amended prospectus and click here to learn more about Bitcoin futures.) This is huge for BTC and other crypto’s as it gets more and more accepted.
Bitcoin is still something with huge potential and it will likely bring several other crytpotocurrenies up with it. Watch for a rise in the 4th quarter.
All stocks talked about we have invested in, and do not intend to give advice nor recommend acting upon the information.
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and the Optifinancial Team
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