Bitcoin Goes Back to $1T Asset as the Price of BTC Hits $55K

The bull market is back in the game as the attention is again shifted to $56K and a trillion-dollar market capitalization.

October 6 marks a sudden rise for Bitcoin, as it goes beyond $55K. The last time the dominant cryptocurrency witnessed this massive jump was on May 12.

China Crypto Ban Ignored

This rise in the Bitcoin price has been reported by Cointelegraph Markets Pro and TradingView this Wednesday.

Bitcoin had previously hit and reversed at this level in the first weeks of September, beating the limits for bulls at $53K.

Although there are investors of BTC expecting a breakout to $57K, future markets are preceding with caution.

Bitcoin futures in CME Group, which were trading for a price of a total of $400, were also shaken by the sudden breakthrough.

This certain growth helped BTC get back to its rightful place as a trillion-dollar asset simultaneously to making up for the losses that were caused by the Chinese government’s ban on crypto mining.

Regained Confidence

Market participants with long-term Bitcoin price expectations seem to be hopeful for the future.

Bitcoin will only go on getting stronger, states Cointelegraph’s Michaël van de Poppe who shares on the optimistic predictions.

The upcoming 6-8 weeks will be witnessing some corrections on the $BTS pairs, whereas on altcoins, USDT pairs will be fine. Moreover, the ending and the beginning of the year marks the best time to buy alts.

November can be a significant month for BTC/USD as the two might reach all-time highs.

Also read: Here is Why Bitcoin Price Will Hit $100,000 in 2021