Bitcoin ($BTC) Breaches $50K For First Time Since September 7, Here’s Why $55K is not Far

By Prashant Jha
Published October 5, 2021 Updated October 5, 2021
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Bitcoin ($BTC) Breaches $50K For First Time Since September 7, Here’s Why $55K is not Far

By Prashant Jha
Published October 5, 2021 Updated October 5, 2021

Bitcoin’s ($BTC) price breached $50,000 for the first time since September 7 marking the bullish start to “Uptober.” The top cryptocurrency rose by nearly 6% over the past 24-hours to break out of the four-week-long consolidation phase under $50K. September repeated history with a bearish month where the top cryptocurrency along with the rest of the market lost more than 20% of its valuation since the start of the month.

Bitcoin
Source: TradingView

While $BTC price consolidated under $50K, the on-chain analysis indicated a strong bullish momentum. Market analyst Rekt Capital pointed that $BTC has continued to remain above the 21-Day EMA indicating bullish momentum. Thus as predicted October has started on a bullish note which might continue for the rest of this year.

The price rise was also anticipated as the Bitcoin supply on centralized exchanges fell to a new 30-month low which has brought down the chances of another sell-off significantly. Market pundits believe bitcoin could still touch $100K by the end of this year if any major sell-offs don’t ruin the bull run.

Bitcoin
Source: Santiment

Bitcoin Eyes $55K

Bitcoin is currently trying to solidify its position above $50K and make it strong support before launching off the next key price barrier of $55,000. The last quarter could prove to be crucial for $BTC as the traditional markets brace for high inflation and downturn in the real-estate sector that could be triggered by China’s Evergrande failure.

Bitcoin could eye $52K-$59,5K support on-chain support zone with the next push and certainly reach $55K in no time. A breach above $55K could help the top cryptocurrency eye and restest its previous ATH above $64K. With its current move above $50K BTC market cap has reached over $900 billion higher than that of Facebook, which made it a butt of many jokes due to the recent shutdown of the Facebook network.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1086 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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