Bitcoin needs to have a renewed market sentiment if they need to have a bright October. The price of the BTC continues to be relatively stable.
Despite, the uncertainty dwelling in the Macroeconomic environment due to the expiration of a major amount of futures, there was not much volatility.
Recently there was a cryptocurrency hack at KuCoin. Anytime a hack happens there is a fear of the hacked funds getting transferred to some of other exchange or wallet and the price of majors tend to shake up a bit, but this did not happen this time. It did not influence the price of BTC.
Importantly, “Roughly $150 million in Bitcoin and ERC20 tokens were reportedly taken.”
This just means that the confidence level on BTC continues. The price action is not creating the epinephrine rush as it is trending in ranges. A potential start of a range-bound new uptrend is expected.
Sydney Ifergan, the crypto expert tweeted: “Bitcoin (BTC) will eventually make a new found price discovery and a parabolic run.”
A bullish continuation is highly anticipated for the BTC. The Twitter social sentiment for Bitcoin is seen at a two-year low. Investors are contemplating on the prospects of the future of the Bitcoin as a worthwhile investment. The decline in the twitter sentiment has always led to a major price rally in the past. Notably, the frequency of the comments on the Bitcoin is also decreasing. However, the markets eventually take to a turn that is the least expected, waiting for real-time results to unfold.
Bitcoin (BTC) Positive Climb
Early this year, Bitcoin dropped to as low as $3,600 and some of them even expected the price to go as low as $1,200. However, that did not happen and the reverse happened, the price took a positive climb and touched the $10000+ ranges.
The fact that Bitcoin is able to stay where it is despite the KuCoin hack is a good testimony about its stability as a trusted asset for investors. For now, some analysts expect the price to go as low as $7,000, but we can never be sure. Whether it goes up or down a new kind of price action adventure is sure to set in.
Regarding the KuCoin hack CZ and Binance have expressed their complete support to KuCoin in the recovery of the funds. Of note, KuCoin have red flagged several crypto addresses and transactions. Further, they have announced $100,000 reward for any kind of credible information given about the hack.