Bitcoin Surpasses $47K and Analyst Predicts Further Bullish Move

Bitcoin Surpasses $47K and Analyst Predicts Further Bullish Move
  • 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.

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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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.