Bitcoin (BTC) price prediction as it cruises above $55,000
On October 7, the Bitcoin price reached $54,780, according to CoinMarketCap data. A day earlier, the token was worth $51,470. Thus, the 24-hour growth was about 6.4%. At its peak, the price of the cryptocurrency exceeded $55,500.
A sharp increase was noted the day before. After a slight drop, Bitcoin rushed up. By 18:10 on October 6, the rate increased from $51,380 to $52,758 per hour, and over the next 5 minutes, it jumped to $55,172 before correcting.
What preceded growth?
The last time Bitcoin reached such indicators was on May 10, before the start of a prolonged collapse of two and a half months in length.
From the end of July, Bitcoin began to rise in price again and, in early September, approached the spring rates. After that, however, the BTC price dipped amid problems with the launch in El Salvador, and after the ban of cryptocurrencies in China dropped to $40,000.
As CNBC reported, investor confidence was bolstered by statements from US authorities that they had no intention of restricting crypto assets. The head of the US Securities and Exchange Commission, Gary Gensler, said he would not ban cryptocurrencies.
“The lack of clarity from regulators is still holding back investors from entering the market. However, every step towards transparency leads to a similar reaction,” said Matt Hogan, Investment Director of Bitwise Asset Management. – “This is the main factor behind the next rise in the crypto market.”
Last week, Bitcoin resumed its growth after the head of the US Federal Reserve, Jerome Powell, said he “does not intend” to impose restrictions on crypto assets.
In addition, many analysts believe the seasonal factor is important in strengthening Bitcoin. For example, cryptocurrency has been growing in October in the past. Their Bitcoin price forecast is positive.