The overall cryptocurrency market is experiencing an excellent start to the new month. over the past few hours, and Bitcoin Price Surged over 9% in hitting $47,800, its highest level in 12 days. The total market cap has reached the $2 trillion level again after Bitcoin and Altcoins have surged with massive gains.
Its UPtober! Bitcoin Price Surges 10% Nearing The $50k Mark
After surging above $43,500, the flagship currency started a fresh rally. BTC price Broke the $44,400 and $45,500 resistance levels and surged nearly 10% hitting $47,500.
The Next resistance lies at the $48,000 level, overcoming this resistance bitcoin price might possibly hit above the $50,000 level. On the flip side, if the BTC/USD fails to hold above the $48 level immediate support at $46,500 comes into play. In the event of Extended losses, the crypto might test the next key support near USD 46,200, followed by $45,500.
At present, if the buyers continue to hold the upper hand, we can expect the BTC price to increase 12% reaching $49,725. Traders need to keep eye on the deceive levels at $52k to confirm the Rally
However, long-term traders must wait until the BTC price reaches a Higher high that is above $53K to hit the ATH at $64,951.
BTC Price Targets: Oct>63k, Nov>98k, Dec>135k
Bitcoin price action in September exactly matches with PlanB’s predictions for a second time. Previously, in the month of August Plan B had Predicted BTC to hit $47k. If history repeats, We can expect BTC/USD to hit $63,000 by the end of the month.
According to PlanB, Bitcoin Price is set to hit 63K with a 32% upswing in the month of October followed by $98k in November and 135k in December with an overall 180% surge in Q4.
Bitcoin surges With liquidating $270M in shorts
According to bybt, Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a classic short squeeze liquidated over millions of crypto positions. At the time of writing, the surge in prices has seen $226.46M million in bitcoin shorts liquidated.