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Bitcoin Price Kickstarts Q4 Rally! $50k Seems Imminent This Weekend

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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.”

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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