NEW YORK / LONDON (IT BOLTWISE) – Bitcoin is having a turbulent October as investors increasingly turn to gold as a safe haven in uncertain times. After a steep rise at the start of the month, Bitcoin prices fell dramatically while gold reached new highs. However, experts expect the trend could reverse once markets stabilize.
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Bitcoin, the world’s leading cryptocurrency, has had a rocky start in October. The price rose earlier in the month as investors sought protection amid uncertainty over a possible U.S. government shutdown. But the recovery was short-lived. Last Friday, the price of Bitcoin fell from $121,000 to as low as $104,000 after President Trump threatened 100% tariffs on Chinese goods.
In contrast, gold has hit new record highs, rising 18% in the last few weeks. This development shows that investors are currently favoring gold as a safer haven, especially due to its lower volatility. Sean Farrell, head of digital investment strategy at Fundstrat, explained that capital currently clearly favors gold, which is also supported by structural buyers such as central banks.
Another factor that influenced the Bitcoin price was the role of the crypto derivatives market. According to Wall Street strategist Ed Yardeni, the crypto derivatives ecosystem exacerbated Bitcoin’s recent price decline. During the abrupt price drop, liquidity dried up, leading to liquidations of over $19 billion in crypto futures and leveraged positions.
Nevertheless, the outlook for Bitcoin remains positive. Analysts expect the cryptocurrency to regain its value by the end of the year. JPMorgan forecasts a price of $165,000, while Citi expects it to rise to $133,000 by the end of the year and $181,000 by the end of 2026. These optimistic predictions are based on the assumption that investors will eventually switch back from gold to Bitcoin once markets stabilize.
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