It’s full bull all over again as $56,000 and a trillion-dollar market cap become the focus again for Bitcoin bulls.
Bitcoin (BTC) surged even higher on Oct. 6 as its spot price saw a sudden surge upward to over $55,000, its highest since May 12.
Bitcoin fully cancels out China mining rout
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hurtling to $55,500 on Oct. 6.
The level beats a previous line in the sand for bulls at $53,000, which Bitcoin reached and then reversed nearby during its previous uptick in early September.
We are less than $15 billion away from Bitcoin crossing the $1 trillion market cap milestone again.
— Pomp (@APompliano) October 6, 2021
Amid various calls for $57,000 to be hit in the short term, however, futures markets fluctuated in step with aggressive volatility.
CME Group Bitcoin futures, previously trading a full $400 above the spot price, were overtaken during the abrupt breakout.
In so doing, BTC/USD thus fully removed any trace of what China’s ban on mining had achieved in May and became a trillion-dollar asset class again.
No loss of faith
Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.
Related: Bitcoin beats stocks, commodities to become best-performing asset of 2021
“Honestly, I think we’ll be continuing to see strength on Bitcoin,” Cointelegraph contributor Michaël van de Poppe said.
“USDT pairs will be fine on altcoins, but perhaps we’ll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts. December/January is often the best period to buy alts.”
As Cointelegraph reported, November could see a further retracement for BTC/USD should the pair retest all-time highs this month.