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.
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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.
In a new interview with Bloomberg Quicktake, Leah Wald, CEO of Bitcoin, thinks that the $50,000 mark is a critical level for the cryptocurrency and that crossing it might ignite a bull run.
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.
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