Bitcoin enthusiast? Here are Things to Look Out for this Week

Bitcoin enthusiast? Here are Things to Look Out for this Week

Share Post:

bitcoin news

After falling under $10,450 on October 2, Bitcoin’s (BTC) price has recovered over the weekend reaching above $10,700 by Tuesday, October 6. Various factors could affect BTC’s price action this week and we look at some of those here:

Bitcoin news

Image |Crypto Economy

Trump Leaves Hospital, Stocks Edge Up

Just after U.S. President Donald Trump left the hospital – where he has been for less than 3 days – world stocks have been on a rally, moving closer to a two-week high.

Markets tumbled after the President tested positive COVID-19 on Friday, as investors remained concerned with the potential of a victory for Democratic presidential candidate Joe Biden. Such victory, investors say, would result in higher taxes and stricter regulations for companies and in turn dwindling profits for the businesses.

As witnessed in the stock trends, cryptocurrencies could perform just as well as the stocks do. Therefore, with prospects of recovery for the President, the performance of BTC could improve to well over $10,800.

Possible Stimulus Package

As the last week drew to a close, a bipartisan meeting by Speaker Nancy Pelosi and White House representative and Treasury Secretary Steven Mnuchin hinted to end a stalemate over a second stimulus package. More importantly, the package is likely to include another $1,200 stimulus check.

As witnessed in the first stimulus package, this will likely increase trade volumes for cryptocurrencies. With such prospects, the price will soar in the weeks to come.

Another Brexit Deadline on the Horizon…

Again, as Britain seeks a deal as they head out of the European Union (EU), stock markets are likely to be impacted, and in turn, cryptocurrency prices.

As of October 6, futures such as FTSE 100 were shedding losses from the previous week and could see better days with a favorable Brexit deal.

Divergence from 2020 Halving Event

BTC price models for stock-to-flow indicate that BTC’s price could follow a historic upward trend after the halving event this year. This upward trend was recorded in the 2012 and 2016 halving event, where the mining rewards BTC were halved. The halving results in a reduced supply of new BTC.

Data from PlanB’s stock-to-flow for the recent price trends indicate that BTC’s price is set to increase, following similar trends in 2012 and 2016 after the halving.

In summary…

Despite the uncertainty of the prospects in the performance of macro markets – which often have a ripple effect on the crypto market – BTC has shown resilience throughout the Covid-19 pandemic. Its price will most likely set a general upward trend despite a few upsets that could arise.

Notify of

Newest Most Voted
Inline Feedbacks
View all comments
3 years ago

I truly appreciate this article post.Really thank you! Really Cool.

Im grateful for the post. Keep writing.

Commercial Insurance Vancouver

Say, you got a nice blog post.Really thank you! Fantastic.

Wow, great article post.Really thank you! Really Cool.

buku mimpi
3 years ago

I truly appreciate this blog post.Really thank you! Cool.

Improve my relationship now

Really informative article post.Much thanks again. Cool.

top plumber bromley
3 years ago

Really appreciate you sharing this blog article. Much obliged.

Car detailing smoke odor removal near me

Major thanks for the post.Thanks Again. Will read on…

feeling used
3 years ago

Thanks again for the article.Much thanks again. Want more.

bromley plumber
3 years ago

Awesome blog post. Will read on…

3 years ago

Wow, great blog article. Keep writing.

Recent Articles

Follow Us

Trade Crypto Like a PRO

Decrease the risk of losing everything you have.

A team of 4 professional traders is sharing their personal daily trade setups with you.

Imagine finally having the right strategy, insights and knowledge to profit from the volatile crypto market movements consistently.

Safe Time, and Start Trading Like a PRO Today
Dark Mode