The price of Bitcoin (BTC) surged even higher on October 6 when the spot price suddenly rose to over $55,000, the highest since May 12.
BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView
Bitcoin completely disrupts mining in China
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD will drop to $55,500 on October 6.
The level reached the $53,000 mark earlier in the bull sands, which Bitcoin hit and then reversed during its previous high in early September.
However, amid various short-term claims of $57,000, the futures markets fluctuated in line with extreme volatility.
CME Group Bitcoin futures, which were previously trading above the $400 spot price, were dropped during a sudden outbreak.
One-day candlestick chart for CME Group Bitcoin futures. Source: TradingView
Thus, BTC/USD has removed all traces of the Chinese mining ban that was implemented in May and has become a $1 billion asset class once again.
without losing faith
It was impossible to escape the enthusiasm among market participants with the long-term BTC price estimates which were extremely bullish.
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“Honestly, I think we will continue to see strength in Bitcoin,” said Michael van de Poppe, a Cointelegraph contributor.
“USDT pairs will be good for altcoins, but we will probably have 6-8 weeks with some fixes for BTC pairs before the new gig starts. December/January is often the best time to buy everything.”
As Cointelegraph reported, November could see further declines for BTC/USD if the pair retests the persistent highs this month.