Bitcoin Gains 5% Amid US Government Shutdown, Boosts Altcoins
Bitcoin (BTC) has seen a 5% gain, reaching $117,000, boosting the broader cryptocurrency market.
- Major Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB) gained around 3% on average.
- The surge coincided with a US government shutdown, leading investors to consider cryptocurrencies as a hedge against economic instability.
- October historically favors Bitcoin, with positive outcomes in 10 of the past 12 years.
Ash Crypto cautions that the current rally may lead to a downturn, with predictions of BTC dropping to $106,000 and ETH to $3,800.
- This correction could liquidate optimistic positions among retail investors.
- Lark Davis suggests a bullish long-term outlook, predicting an extended cycle into 2026.
If the market navigates short-term fluctuations successfully:
- Potential BTC prices between $150,000 and $180,000.
- ETH could reach $8,000 to $12,000, marking a significant rise.
- Possible major altcoin season, with assets increasing by 10 to 50 times value.
Currently, Bitcoin trades at $117,130, nearly 8% higher monthly, and is 5.7% below its all-time high of $124,100.