The cryptocurrency market is off to a fantastic start in the new month. After the values of Bitcoin and a slew of other altcoins climbed during the last few hours, the overall cryptocurrency market cap has reclaimed the $2 trillion threshold.
Bitcoin’s price has risen by more than 10% in the last 24 hours. As the adverse trend in the market deepens, the leading cryptocurrency was battling to trade over the $40k barrier earlier this week. Bitcoin, on the other hand, has performed admirably over the last 48 hours, exceeding the $45k milestone and now trading above $47k.
If Bitcoin and the cryptocurrency market as a whole can maintain their current momentum, BTC might be trading above $50,000 in the coming hours or days. It would be less than a third of the way down from its all-time high of about $65,000.
Despite the recent gloomy sentiment in the market, several analysts were optimistic that Bitcoin’s climb will return before the end of the year. BTC’s price could reach $100k in the next 2-3 months, according to certain analysts. Bitcoin’s price must double from its current trading value to reach $100,000.
Supply Shocktober is here!
Popular Analyst Will Clemente in a recent tweet mentions that $47,000,000 of BTC shorts has been liquidated in an hour. Thus indicating at a supply shock.
Analyst Simon Dedic too made a bullish case for BTC. In his recent tweet he says, Q4 2021 is going to be epic for Bitcoin and Ethereum.
Analyst Anthony Pompliano in a tweet talked about impact of China’s crypto ban on BTC.
He says, Bitcoin spiked higher within one week of the China news.
He further said,
“Adoption increases every time a country becomes more abrasive to decentralized technologies.”