Bitcoin (BTC) Keeps Up Its October Streak. Will It Reach an All-Time High of $65,000?
Timothy St. John • 2 min read
Bitcoin is testing the $63,000 (BTC/USD) level, and it is possible for crypto to pass that level and hold onto the gain, but there is also potential for it to go much higher over the next few days.
Since the start of the month, Bitcoin has been on the rise, with what we would call a mixed but slightly bullish trend. There is no steep increase at work, but rather a steady incline, pushing Bitcoin slowly toward some of the best prices we’ve seen from it all year.
A New Record for Bitcoin?
In fact, Bitcoin is inching towards an all-time high. If it passes $65,000, it will have achieved that, as Bitcoin previously reached $63,503.46 back in April, shortly before the market crash. A crypto can only go so far before it has to come crashing down, or that would seem to be the lesson learned. So, are we headed there again?
Does this progress toward a new all-time high mean that the market is about to plummet again? Bitcoin is actually doing surprisingly well despite a massive ban in China and pressure from environmental groups to change the way Bitcoin is created (due to the massive drain on natural resources to produce new Bitcoin).
Bitcoin is all over the place today, spiking up to $63,097.89 for a short time, and falling as low as $61,755.91. This volatility could make it difficult for the crypto to move to $64,000 and then on to $65,000, especially with a few factors working against it.
Is It Safe to Invest in Bitcoin Now?
While Bitcoin has steadily increased this month, that progress has not been a flat incline. There have been plenty of ups and downs since October 1st, including some serious downward movement over the past couple of days. Bitcoin is every bit as volatile as usual, so there is no guarantee that it will continue upward and no solid reason to expect that now is the best time to invest. In fact, it is probably not a good time to put a bunch of money into Bitcoin, as it has no history of moving past where it is at this point. In all likelihood, Bitcoin will fall below the $60,000 level soon and struggle to recover from that for a while.
Bitcoin only recently passed the $50,000 level, and it stayed close to $40,000 throughout September. According to Nate Nieri, CFP for Modern Money Management, Bitcoin gives you a “high chance of losing it all, but a small chance of winning it big.”