- Bitcoin’s value has increased by almost 10% in the last 24 hours.
- The major cryptocurrency was battling to get over the $40k barrier.
Bitcoin climbed to its highest level since mid-September on Friday, aided by seasonal factors and remarks from US Federal Reserve Chairman Jerome Powell on Thursday.
In answer to a query from House Representative Ted Budd, Powell stated the Fed has no intention of outlawing cryptocurrencies. Some experts also claim that October is a bullish month for digital assets, whereas September was negative.
The cryptocurrency market has had an incredible start to the month. After Bitcoin and a host of other cryptocurrencies surged in recent hours, the total cryptocurrency market cap has recovered the $2 trillion barrier.
Bitcoin’s value has increased by almost 10% in the last 24 hours. The major cryptocurrency was battling to get over the $40k barrier before week as the hostile development intensifies. Bitcoin, again, has performed excellently in the last 48 hours, surpassing the $45k mark and currently trading over $47k.
If Bitcoin and the cryptocurrency market as a whole can maintain its pace, BTC may trade over $50,000 in the following hours or days. It’s roughly a third of the way down from its all-time high of $65,000.
Bullish Momentum Ahead
Despite the current unpredictable sentiment, several experts are optimistic that Bitcoin’s rise will resume before the end of the year. Analysts predict BTC will hit $100k in the next 2-3 months. To reach $100,000, Bitcoin’s value must double its current price.
Commenting on the Chinese crypto ban, analyst Anthony Pompliano said, Bitcoin surged higher a week after the China announcement.
Furthermore, He said:
“Adoption Increases Every Time A Country Becomes More Abrasive To Decentralized Technologies.”
Last week, another famous analyst Will Clemente tweeted that $47,000,000 of bitcoin was liquidated in an hour. Hence a supply shock.
$47,000,000 of BTC shorts liquidated in an hour— Will Clemente (@WClementeIII) October 1, 2021
Say hello to supply shocktober pic.twitter.com/BOOfQnzDjS
Moreover, Analyst Simon Dedic backed BTC as well. He recently tweeted that Q4 2021 will be spectacular for Bitcoin and Ethereum.
According to CoinMarketCap, Bitcoin price today is $47,912.63 USD with a 24-hour trading volume of $26,896,953,081 USD.
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