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Bitcoin Price Kickstarts Q4 Rally! $50k Seems Imminent This Weekend

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The cryptocurrency market is off to a fantastic start in the new month. After the values of Bitcoin and a slew of other altcoins climbed during the last few hours, the overall cryptocurrency market cap has reclaimed the $2 trillion threshold.

Bitcoin’s price has risen by more than 10% in the last 24 hours. As the adverse trend in the market deepens, the leading cryptocurrency was battling to trade over the $40k barrier earlier this week. Bitcoin, on the other hand, has performed admirably over the last 48 hours, exceeding the $45k milestone and now trading above $47k.

If Bitcoin and the cryptocurrency market as a whole can maintain their current momentum, BTC might be trading above $50,000 in the coming hours or days. It would be less than a third of the way down from its all-time high of about $65,000.

Despite the recent gloomy sentiment in the market, several analysts were optimistic that Bitcoin’s climb will return before the end of the year. BTC’s price could reach $100k in the next 2-3 months, according to certain analysts. Bitcoin’s price must double from its current trading value to reach $100,000.

Supply Shocktober is here!

Popular Analyst Will Clemente in a recent tweet mentions that $47,000,000 of BTC shorts has been liquidated in an hour. Thus indicating at a supply shock.

Analyst Simon Dedic too made a bullish case for BTC. In his recent tweet he says, Q4 2021 is going to be epic for Bitcoin and Ethereum.

Analyst Anthony Pompliano in a tweet talked about impact of China’s crypto ban on BTC.

He says, Bitcoin spiked higher within one week of the China news.

He further said,

“Adoption increases every time a country becomes more abrasive to decentralized technologies.”

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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