Bitcoin tops $ 57,400: analysts aim above $ 100,000

The price of Bitcoin (BTC) rebounded with the opening of Wall Street on October 11, after suffering a brief rejection from its highest level since May.

BTC / USD 1 hour candlestick chart (Bitstamp). Source: TradingView

BTC price defies February high of $ 58,000

According to data from Cointelegraph Markets and TradingView, after hitting $ 57,450 on Bitstamp, the BTC / USD pair surpassed $ 57,000, reaching its highest price since May 10.

In doing so, Bitcoin appears to have weathered the impact of China’s mining debacle. With the redistribution of the hash rate around the world, the negative effects disappeared.

While there is a celebratory mood among analysts, forecasts point to a six-digit peak overall.

“All data science models suggest that BTC will peak well above $ 100,000 in this cycle,” added trader and analyst Rekt Capital.

Morgan Creek Digital co-founder Anthony Pompliano said that at current prices, BTC / USD has only been 38 days higher to date. indicated.

Bitcoin supply crisis attracts mainstream attention

Bloomberg said that with the limited supply feature, the appeal of Bitcoin has increased, while the unique macro environment can help the cryptocurrency.

Related: 5 Factors Bitcoin Investors Should Consider This Week | 11.10

Bloomberg Intelligence senior commodities strategist Mike McGlone highlighted the impending turmoil in terms of US fiscal policy in the latest of his frequent Bitcoin tweets.

“As a result of rising US debt and potential default stresses, markets may be entering the fourth quarter with rising Bitcoin prices, where supply is secured by code,” he said. cheep daring.

“The skyrocketing lending could mislead executives avoiding buying Bitcoin.”

Bitcoin Supply and US Debt / GDP Chart Source: Mike McGlone / Twitter

Negative developments did not worry the dollar earlier in the week. Because the US Dollar Index (DXY) has risen above the 94 support again.

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