The Bitcoin bulls get a run at $60,000 thanks to a positive morning. However, avoiding a drop below $55,000 will be critical. The enormous increase on Wednesday had reached $55,800. Its market capitalization has surpassed the coveted $1 trillion thresholds, and its dominance over altcoins has expanded marginally.
According to Bitcoin’s technicals, the flagship cryptocurrency’s next significant obstacle sits close to its all-time high value of roughly $64,000 if it can break out of its current multi-week price range.
The market mood in the crypto industry was in the “fear zone” just over a week ago, but owing to this continuous rally, investor sentiment has shifted back to “greed,” indicating the likelihood of additional bullish activity in the coming weeks.
Valkyrie Investments CEO suggests price surge for Q4:
Bitcoin (BTC) might see a significant price spike for the remainder of 2021, according to the CEO of Valkyrie Investments, if it can sustain a support level over $50,000.
That $50,000 price point is the true psychological stumbling block. They predict this bull run to propel BTC to near highs in the fourth quarter if it can push beyond $50,000 and hold this price.
Their analysts believe that if BTC continues to face resistance at $50,000 and is unable to break through or establish support, it will likely fall to $45,000 before consolidating ahead of another push to $50,000.
Bitcoin Price broke beyond the $50,000 barrier on October 5th and is currently trading at $55,490.
Wald, on the other hand, said she couldn’t say with certainty what BTC’s price would be if it held support at $50,000.
“I’m not sure [what the price might be], but I’m extremely thrilled for October, and I’m absolutely excited for Q4,” she says.