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The post <a rel="nofollow" href="https://coinpedia.org/news/bitcoin-gains-27-in-october-is-a-40000-rally-on-the-horizon/">Bitcoin Soars to 17-Month High: $40K Next?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bitcoin is on fire! The leading digital currency experienced a remarkable 27% surge in October, soaring to a 17-month high of $35,000. This rally has left investors wondering: Is Bitcoin on the verge of another bull run? Could $40,000 be the next target? 
Read on to find out more about Bitcoin’s recent surge and what it could mean for the future of cryptocurrency. 
<h2 class="wp-block-heading" id="strong-bitcoin-s-october-rally-strong">Bitcoin’s October Rally</h2> 
The sudden upswing in <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin’s price</a> followed a period of relative stability in the first half of October when it was hovering around $27,000. The recent Bitcoin price surge might be linked to <a href="https://coinpedia.org/news/false-news-of-secs-approval-of-blackrocks-ishares-spot-bitcoin-etf-triggers-plunge-in-bitcoin-from-30k-high/">false reports</a> about <a href="https://coinpedia.org/news/crypto-trading-giants-in-talks-to-boost-liquidity-for-blackrocks-bitcoin-etf/">Blackrock’s spot ETF</a> approval.&nbsp; 
Meanwhile, this surge comes in anticipation of the Federal Reserve’s upcoming interest rate decision, with most analysts predicting that policymakers will opt to keep the rates unchanged. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="552" src="https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-1024x552.png" alt="Crypto Market Cap" class="wp-image-241199" srcset="https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-1024x552.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-300x162.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-768x414.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-1536x829.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-2048x1105.png 2048w, https://image.coinpedia.org/wp-content/uploads/2023/11/01140316/image-150x81.png 150w" sizes="(max-width: 1024px) 100vw, 1024px">
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 CRYPTOCAP – TradingView
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</figure> 
However, the impact of this rally isn’t just limited to Bitcoin alone. The entire cryptocurrency market experienced a surge, witnessing its total market capitalisation jump by nearly 19%, reaching a staggering $1.255 trillion. This increase in crypto wealth is the most significant since January, when it surged by 33%. 
Looking ahead, Bitcoin’s breakout in October and the potential for a fresh yearly high have ignited discussions of the following significant upside extension. Many experts are eyeing a target of $40,000 in the coming weeks, while some believe this is just the beginning. 
Also Read: <a href="https://coinpedia.org/bitcoin/bitcoin-price-prediction-november-heres-how-high-btc-price-will-rally/">Bitcoin Price Prediction November: Here’s How High BTC Price Will Rally!</a> 
<h2 class="wp-block-heading" id="did-panic-buying-actually-help">Did Panic Buying Actually Help?</h2> 
Matrixport, a crypto investment services firm, <a href="https://coinpedia.org/news/bitcoin-price-to-hit-42k-56k-with-blackrocks-etf-approval-matrixport-research-report/">suggests</a> that Bitcoin’s elevated funding rates in the derivatives market indicate that many traders engaged in “panic buying,” fearful of missing out on the rally.&nbsp; 
The buzz surrounding <a href="https://coinpedia.org/news/sec-chairman-genslers-halloween-tweet-ignites-ripple-dispute-and-stirs-bitcoin-etf-speculation/">Bitcoin ETFs</a>, combined with sector-specific momentum, short liquidations, and macroeconomic factors, contributed to the surge. 
Bitwise asset management’s analyst, Ryan Rasmussen, believes a spot Bitcoin ETF could bring in $50 billion to $100 billion in the next five years. While we’re expecting the SEC’s decision on Bitcoin ETFs in December, many believe Bitcoin might keep going up. 
Read More: <a href="https://coinpedia.org/news/us-secs-grayscale-bitcoin-etf-decision-looms-whats-brewing-in-the-crypto-regulatory-arena/">Bitcoin ETF Watch: SEC Meeting Could Bring Big News on November 2!</a> 
<h2 class="wp-block-heading" id="h-cryptos-in-the-spotlight">Cryptos in the Spotlight</h2> 
And it’s not just Bitcoin; other cryptocurrencies are also doing well. Solana (SOL) made an incredible 70% return, and Ethereum’s ether (ETH) went up by 7%. 
October’s price surge has brought new hope to the cryptocurrency market, getting closer to that $40,000 mark.

Bitcoin Soars to 17-Month High: $40K Next?

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