Gold price gained in value in the past 24 hours while Bitcoin price declined around 4 percent as Iran attacked Israel in an escalating Middle East geopolitical crisis.
Michael Dell cryptic tweet “Scarcity creates value”, a phrase associated with Bitcoin, has made many believe that the Dell founder would be investing in Bitcoin at one point.
The October crypto bullish narrative could help Bitcoin price regain a crucial macro rising trend and potentially reach a new all-time high.
Metaplanet’s strategy has been largely compared to that of the US-based MicroStrategy.
CleanSpark CEO Zach Bradford emphasized that Bitcoin’s prolonged period of price stability could indicate a sustained upside in the coming months.
Crypto investors will be watching two major macro developments this week that includes the Fed Chair Jerome Powell speech and the upcoming US non-farm payrolls report on Friday.
Bitcoin has crossed the 160-day threshold since the last halving event, which historically marks the point where major upward price movement begins.
With over 10% gains in September 2024 so far, Bitcoin price has beaten the average 5.6% returns in September over the past decade. Global rate cuts to will benefit Bitcoin amid huge liquidity pump.
Ahead of the monthly close, Bitcoin price must consistently close above $65k to avoid further capitulation below $49K.
Mt. Gox currently holds over 44.8K Bitcoins, worth around $2.86 billion, which awaits distribution to creditors under its rehabilitation plan.
The supply of Bitcoin on centralized exchanges remains at multi-year lows as whale investors accelerate the accumulation pace.
Jamie Coutts, the chief crypto analyst at investment management firm Real Vision, believes that China’s recent stimulus package is positive for Bitcoin.
Alongside on-chain data, historical cycle patterns also suggest Bitcoin may be on the verge of a breakout.
Inflation hedges, such as gold, have emerged as a more attractive option for diversification along with Bitcoin which is nor preparing for a mega rally in Q4.
The impressive performance of gold in the recent past could trigger a similar parabolic response in Bitcoin in the fourth quarter of 2024.