Bitcoin is currently trading at $34,500. With a roughly 15% increase in the last 24 hours, it is approaching the $35,000 mark.
Factors attributed to Bitcoin's rise include the upcoming halving event in 2024, October historically being a strong month for Bitcoin, and some investors shifting from Ethereum to Bitcoin.
The halving event is when Bitcoin's block reward is cut in half, leading to a significant price increase due to reduced new coin supply.
Historically, October has been one of the months where Bitcoin exhibits strong market behavior.
Some investors are turning to Bitcoin, considering Ethereum a riskier investment.
If Bitcoin reaches $35,000, it will mark the highest level of 2023.
Cryptocurrency analysts believe that, after surpassing $35,000, Bitcoin may continue its ascent towards $40,000.
According to analysts, the most critical factor in Bitcoin's rise is the upcoming 2024 halving event, which could lead to a significant price increase due to reduced new coin supply.
Among the risks associated with Bitcoin's rise are the volatility in the cryptocurrency market and macroeconomic factors.
The cryptocurrency market has experienced significant volatility in recent years, which could lead to substantial short-term declines in Bitcoin's price.
Macro-economic factors can also influence Bitcoin's price. Inflation, interest rates, and global economic growth can exert downward pressure on Bitcoin's price.
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