Bitcoin at $48,000, Fireworks in ‘Uptober’?

October 3, 2021

October has kicked off on a positive note as the crypto market turned bullish on Friday when Bitcoin hit $48,000 for an almost 9% gain in 24 hours. Friday’s jump ignited after $240 million in short positions were liquidated.

Sunday morning, second day into the weekend, the market has remained in shape with assets trading in a stable range, preparing itself for a breakthrough on Monday perhaps?

Bitcoin’s resilience has raised investors’ hopes for a stellar surge in October, which popular analysts in the crypto space had already predicted: fireworks in the last quarter of the year.

The bullish sentiment in the crypto community comes after probability of regulatory force on crypto markets seems to be reduced. Whereas on Thursday, Federal Reserve Chairman Jerome Powell told Congress the central bank has “no intention” of banning cryptocurrencies, the previous day, US U.S. Securities and Exchange Commission Chairman Gary Gensler Powell expressed his support for Bitcoin exchange-traded funds (ETF).

Historically, October is a seasonally bullish month, and analysts have already rebranded the month to ‘Uptober’.

Popular on-chain analyst, the pseudonymous PlanB, known for his Stock-To-Flow model (S2F), there are no signs of weakness and we are about to take off on the second leg of the bull-run.

Feeding into the bullish momentum, Will Clemente’s interpretation of on-chain metrics is pointing to an upcoming supply shock which has the potential to shoot Bitcoin’s price up massively.

Another popular analyst, Willy Woo, points to his followers that it is hard to see yet a top in the current bull-run.

At time of writing, Bitcoin is moving hands at $47,855 according to CoinMarketCap data.

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Author: Peter Siu

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