After seeing its May highs rejected, Bitcoin (BTC), kept Wall Street open on October 11, after markets were left guessing.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC price drops to $58,000 February high
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD tracked $57,000 after hitting $57,450 via Bitstamp — its highest since May 10.
Bitcoin did this by effectively cancelling out the Chinese mining disaster and the subsequent redistribution hash rate across the globe.
You are reading this because you survived the #BTC crash of May 2021$BTC#Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 11, 2021
Analysts were in a celebratory mood and predicted that a run to six-figure heights would be initiated sooner than expected.
Analyst Rekt Capital said that all data science models indicate that BTC will reach a peak of much more than $100,000 during this cycle.
Anthony Pompliano, co-founder of Morgan Creek Digital, noted that BTC/USD is only up 38 days since its inception.
Mainstreaming of the Bitcoin supply crisis
Bloomberg stated that this could be helped by a unique macro-environment, further increasing Bitcoin’s appeal as a finite supply investment.
Related: BTC Price Hits $57K Five-Month High — 5 Things to Watch in BTC This Week
Mike McGlone, senior commodity strategist at Bloomberg Intelligence highlighted the upcoming turmoil in relation to US fiscal policy in his latest bullish Bitcoin tweet.
He tweeted, “Relatively to rising US debts and tensions over potential defaults, Bitcoin may now be entering a unique stage for a 4Q rise in price as markets gain confidence in the coding that defines crypto’s supply.”
Managers who avoid Bitcoin allocations may be disadvantaged by the debt-ceiling drama.
Bitcoin supply vs. U.S. Debt-to-GDP chart. Source: Mike McGlone/Twitter
The dollar was not affected by the concerns at the beginning of the week. However, the United States Dollar Currency Index (DXY), rose once again above 94 support.
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