Bitcoin (BTC), which surged higher on Oct. 6, saw its spot price surge to $55,000, the highest level since May 12.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Bitcoin cancels out China’s mining rout
Cointelegraph Markets Pro and TradingView data show that BTC/USD is at $55,500 by Oct. 6.
This level surpasses the $53,000 previous line in sand that bulls reached, and was then reversed by Bitcoin during its previous surge in September.
We are just $15 billion away again from Bitcoin surpassing the $1 trillion mark in market capital.
— Pomp (@APompliano) October 6, 2021
Despite numerous calls for $57,000 in the short-term, futures markets fluctuated with aggressive volatility.
CME Group Bitcoin futures were trading at $400 more than the spot price before the sudden breakout.
CME Group Bitcoin futures 1-day candle charts Source: TradingView
BTC/USD was able to completely remove the effects of China’s mining ban in May, and it became a trillion-dollar asset.
There is no need to lose faith
It was impossible to resist the enthusiasm of market participants, with long-term BTC price projections that were firmly bullish.
Related: Bitcoin surpasses commodities and stocks to be the best-performing asset in 2021
Michael van de Poppe, a Cointelegraph contributor, stated that “Honestly, we’ll continue to see strength in Bitcoin.”
USDT pairs will work fine with altcoins. However, we may have 6-8 weeks to correct the $BTC pairs before a new party begins. The best time to buy alts is usually December/January.
Cointelegraph reported that November could see a retracement in BTC/USD if the pair retests all-time highs.