Bitcoin price: Slight fluctuations
As of 9:00 a.m. today (October 13), Bitcoin - the world's largest cryptocurrency by market value - has seen an increase of 5.6%, to 115,776.42 USD.
This new price contributes to bringing market capitalization to 2,307 billion USD, an increase of 74 billion USD. The trading volume in the 24 hours increased to 94.67 billion USD.
Assessment and forecast
cryptocurrency market analyst Mister Crypto pointed out that Bitcoin is currently re-testering the "gold intersection", an optimistic technical model in history. A gold cut is a basic technical indicator that appears in the market when the average short-term moving price (50 days) of an asset is cut above the long-term moving average (200 days).
This pattern suggests a shift from a bearish market to a bullish market, suggesting that prices may start to rise. Currently, Bitcoin is fluctuating around 110,000 USD and maintaining this level could trigger a new price increase.
Analysts say that cutting spending or narrowing budget deficits are not necessarily popular options in terms of politics. That means the environment is favorable for Bitcoin.
Many predictions predict that Bitcoin will increase by 3 times in the next year, this could even be a relatively cautious forecast. However, the profit rate is expected to be significantly lower than 5 years ago.
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
