Home News Bitcoin returns to $1T asset as BTC price blasts to $55K

Bitcoin returns to $1T asset as BTC price blasts to $55K


Bitcoin bulls are once again focusing on $56K and a trillion-dollar market value. On Oct. 6, Bitcoin’s (BTC) spot price soared to above $55,000, its highest level since May 12.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Bitcoin completely negates China’s mining ban

BTC/USD hit $55,500 on October 6th, according to data. The figure surpasses a prior bullish line in the sand of $53,000, which Bitcoin approached and then retreated around during its previous rise in early September.

However, futures markets varied in lockstep with extreme volatility, despite many calls for $57,000 to be reached in the immediate term.

During the sudden breakout, CME Group Bitcoin futures, which had been trading $400 above the current price, were overrun.

CME Group Bitcoin futures 1-day candle chart. Source: TradingView

As a result, BTC/USD completely erased any trace of what China’s mining ban had accomplished in May and re-established itself as a trillion-dollar asset class.

No lack of confidence

Longer-term BTC price forecasts were firmly optimistic, so market players couldn’t help but be enthusiastic.

“Frankly speaking, I believe Bitcoin will continue to gain strength”, Michal van de Poppe stated.

“USDT pairings on altcoins will be OK, but we may see some corrections on the $BTC pairs for 6-8 weeks until a fresh party begins.” The greatest time to buy alts is usually December/January.”

If BTC/USD retests all-time highs this month, a further correction might occur in November.

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