Bitcoin (BTC) kept the markets speculative on Wall Street, which opened on October 11, after falling to its highest level since May.
1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
BTC price rose to $ 58,000 in February.
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD is tracking $ 57,000 after hitting $ 57,450 on Bitstamp – the best since May 10.
Thus, Bitcoin effectively compensates for the consequences of the mining disaster in China and the subsequent redistribution of the hashrate around the world.
In the midst of the holiday sentiment, analysts’ expectations have largely focused on the race to the six-figure peak, which started sooner rather than later.
“All computer models assume BTC will reach over $ 100,000 in this cycle,” added a trader and analyst at Rekt Capital.
Anthony Pompliano, co-founder of Morgan Creek Digital, notes that even at current prices, BTC / USD was only 38 days higher during its lifetime.
Bitcoin Supply Crisis Goes Mainstream
This could be supported by a unique macro environment that increases the appeal of bitcoin as a limited investment in supply, Bloomberg said.
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In his recent recurring tweets about upbeat Bitcoin, Mike McGlone, chief strategist at Bloomberg Intelligence, highlighted the upcoming turmoil in US fiscal policy.
“With rising US debt and tensions over a possible default, Bitcoin could enter a unique phase of price increases in the fourth quarter as markets gain confidence in the tokenization that drives the supply of cryptocurrency,” he tweeted.
Debt ceiling drama may work against leaders who avoid bitcoin distribution
See the Chart of Debt to GDP Ratio of US and Bitcoin. Source: Mike McGlone / Twitter
Fears failed to shake the dollar earlier in the week when the US Dollar Currency Index (DXY) surpassed support level 94 again.