October is always perceived to be a bullish period for bitcoin, and traders globally, especially Nigerians, are on the lookout for a bullish season, saying that the bitcoin market has a “bullish market structure” after the digital asset recently retested $60,000.
The recent price of BTC is giving many traders and investors hope for a fruitful season ahead. According to a famous trader and analyst, Rekt Capital, in his recent tweet, downplayed “fearful” market sentiments over the current BTC price action.
Analysis Insight into BTC Narrative
BTC retesting $60,000 will not be the first time; however, it is a key psychological indication and driver in the crypto market. According to Tradingview, Bitcoin has dropped to 6% in the past three days.
Rekt Capital is by no means alone in feeling this way. According to fellow trader Jelle, a significant resistance/support (R/S) flip is still occurring for BTC/USD.
However, some traders in the past have also predicted that the price of BTC might go further down below $60,000, seeing a decline of up to 10%. On October 3, entrepreneur and cryptocurrency enthusiast Mark Cullen advised traders to prepare for a possible decline to about $57,000.
According to his post on X “its taking time, but bitcoin still appears to be heading lower”
Just a few days ago, BTC dropped in reaction to the ongoing war strike between Iran and Israel. The prime minister promised a retaliation strike. The effect of the ongoing war strike might further have a great say on the resistance level of BTC, retaining a $60k upward trend or the reverse.
What does it mean for Nigerian traders?
This development is of great significance to many Nigerians, especially considering the peculiarities of the economy and increasing cryptocurrency use in the country. Nigeria has had its share of economic woes—the most common include high rates of inflation and currency depreciation.
The simplest and most immediate solution to these problems is getting Bitcoins that could go as high as $60,000. Regarding appreciation/deduction of value, Bitcoin as a decentralized digital currency is not influenced by the inflationary nature facing the Naira.
This renders it suitable for Nigerians searching to store their capital and insulate their funds against inflation’s destruction.
Also, the bullish market suggests that Nigeria has investment prospects. There is no restriction on accruing assets because, as the value of Bitcoin heads towards $60,000, both crowds of large-scale and small-scale investors come in. However, for this to happen, BTC must hold above $60,000 to resume a bull trend.
For Nigerians, this is an opportunity to reposition themselves in the international markets away from total dependency on the local market. The growing interest in Bitcoin could also fuel the establishment of domestic crypto exchanges and investment arms, adding to Nigeria’s financial infrastructure.
Final Thought
Bitcoin’s advance to $60,000 is not merely a progression of the Bitcoin market but also a significant opportunity for countries’ citizens, particularly Nigerians, to achieve economic growth and development.
With the positive market trend unfolding, now more than ever, Nigerians should understand how digital currency can be used and how it is likely to improve their lives and contribute to the country’s development.
While several factors, such as the Iran-Israel war and the U.S. election, may influence its upward trajectory, the potential benefits of Bitcoin adoption for Nigerians are substantial.
