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The Bitcoin (BTC) cryptocurrency rate will approach $23,000 by the end of October, according to Coinmarketcap traders. How do the stock market and the dollar affect bitcoin?
On September 27, the Bitcoin exchange rate exceeded $20,000. The figure is the highest in a week. Problems with BTC going beyond a narrow trading range remain. But the mood of traders is optimistic. Survey of traders on Coinmarketcap showed: by the end of October they are waiting for Bitcoin at $ 22,857. Compared to the current level, this is + $ 2,661, or + 13.2%. 21,873 users took part in the survey.
Trader Michael van de Poppe agree with the community. He admits: Bitcoin could be worth $23,000 in October. His advice is to go long bitcoin and short the dollar.
A new rise in BTC began on September 26th. On this day, the stock market, on the contrary, experienced difficulties. The S&P500 ended the day at its lowest level since the beginning of the year. This indicates a disruption in the connection between the stock and cryptocurrency markets.
Investors are advised to take a closer look at the movements of the dollar. Usually, a rise in the dollar means a fall in bitcoin. This year, the dollar index – its relation to other currencies – has increased by 18%. However, the USD may be close to a peak. And this means that bitcoin will find a bottom. This may be related to the recent rise of cryptocurrencies.
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