The Bitcoin bulls are now buying up every dip as peak after peak falls to the much-expected Q4 bull run finale. Bitcoin managed to keep the markets guessing into the Wall Street open on October 11 after recording a rejection after it hit its highest since May 2021.
Data acquired from TradingView showed BTC/USD tracking $57,000 after it touched $57,600 on Bitstamp. It was its best level since May 10.
In doing that, Bitcoin effectively managed to cancel out the impact of China’s mining debacle and the redistribution of the hash rate that followed. The hash rate was redistributed around the world.
— Rekt Capital (@rektcapital) October 11, 2021
Amid a major celebratory mood among most of the market analysts, projections majorly focused on a run to a 6-figure peak coming up sooner rather than later. Trader and analyst Rekt Capital added on the day:
“All data science models suggest that BTC will peak much higher than $100,000 in this cycle.”
At the current prices, Bitcoin has just been higher for 38 days in its lifetime, as noted by Morgan Creek Digital co-founder Anthony Pompliano.
Bitcoin Supply Crisis Goes Mainstream
That might be assisted by a distinct macro-environment further adding to BTC’s allure as a finite-supply investment, according to Bloomberg.
In one of his many bullish Bitcoin tweets, the senior commodity strategist at Bloomberg Intelligence, Mike McGlone, commented on the upcoming turmoil over US fiscal policy. He tweeted:
“Relative to rising US debt and tensions over a potential default, Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply.”
“The debt-ceiling drama may work against managers that avoid allocations to Bitcoin.”
But, the fears failed to move the dollar at the start of the week with the United States dollar currency index (DXY) climbing once more above 94 support.