Bitcoin rebounded over $ 57,000 and then corrected by $ 56,000. However, altcoins, especially top altcoins, are falling and capital flows are focused on BTC growth. BTC is still the first choice for investors in the market, especially large investors. With BTC growing rapidly in the short term, capitalization tends to be more focused on BTC than before.
Over the investment years, Thuan also holds a high stake in BTC and other large coins such as ETH, BNB. To ensure the security of the investment, capital management and allocation to safe coins like ETH make the portfolio more secure.
It can be seen that in the short term, BTC has a time to go with the stock trend, but in the long term, BTC has a direction of its own. This is good for BTC and it strengthens the perception of BTC as a store of value.
According to Plan B’s forecast in June for the price of BTC. So far, this prediction has come true for BTC prices in August and September. If his forecast continues into October and the following months, the BTC trend will continue to rise.
Coincu also conducted a market cycle timing survey with friends in the community. The results show that more than 83% of participants believe that BTC is in a time of skepticism, hope, optimism and conviction. These are the phases of the BTC uptrend.
The current growth of BTC is also causing the amount of profitable BTC in the market to rise to 95.97%. The indicator BTC Percent Supply in Profit has entered the red zone, if there is a lot of profit, we must always reserve the BTC option, which can adjust at any time.
Yesterday, the amount of BTC loaded on the exchange showed no signs of an increase. BTC withdrawn from the exchange is still higher than the amount deposited on the exchange. The long-term investors remaining in the market have grown stronger year by year.
Ethereum’s trend is similar. The ETH amount deposited on the stock exchange is higher than the amount deposited on the floor.
Both investors and traders were more optimistic. Funding rates and the number of futures orders in the market have increased.
However, compared to the equivalent price of BTC in February, the volume of futures orders is not that high. After many long bottlenecks, retailers have also become more cautious.
In general, when investors are more optimistic, we need to reserve BTC’s current uptrend for possible options as well. Take the correction during the BTC bull season for example. Reviewing the market overview and adhering to your investment principles are very important in capital and investment management. Appropriate decisions can be made from there.
In the current BTC market, the expectation that a Bitcoin ETF will be approved in October is even higher. Bloomberg is constantly sharing information and the possibility of a Bitcoin ETF getting approved in October is very positive. Further cash inflows into BTC in the past few days could also be partially influenced by this expectation.
Positive outlook for Bitcoin ETFs
This is a forecast, but it is also possible that no BTC ETF will be approved by the end of October. At this point the market may have a correction.
However, should this be approved, the price of BTC could continue to rise, similar to the CME announcement of the Bitcoin Future product launch in 2017. Let’s wait.
The recent growth has also helped BTC’s capitalization surpass the $ 1 trillion mark, top Facebook’s cap, and approaching silver’s cap. The capitalization of BTC was also higher than the capitalization of the three major banks in the US: JPMorgan, Bank Of America, Wells Fargo.
Even so, JPMorgan CEO Jamie Dimon has continued to attack Bitcoin over the years. Since BTC has only cost a few hundred USD so far, BTC has hit more than $ 56,000. But the bank recently started offering crypto services to its customers, claiming that BTC is a store of value.
Billionaire Bill Miller also said that Bitcoin at $ 43,000 is less risky than Bitcoin at $ 300. That may seem unreasonable, but it makes perfect sense. Because while BTC is getting bigger, the network is growing more and more. Everything related to BTC like community, network, platform, … has a stronger and more stable development when BTC is at 43,000 US dollars.