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Bitcoin Breaks Through the $51,000 Barrier Once Again By CoinQuora

by Mike Robinson

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© Reuters. Bitcoin Finally Breaks the $51,000 Barrier

Today was a historic day in the world of cryptocurrency, with the world’s most successful crypto revisiting the valuation milestone of $51,000. Bitcoin’s trade volume has increased dramatically over the last 24 hour, and the price of Bitcoin rose by $2,500.

There are several factors at play that resulted in today’s Bitcoin price surge. One of the core reasons for the crypto’s growth is Jerome Powell’s statement for the US Federal Reserve, in which he expressed that he did not believe that stable cryptocurrencies such as Bitcoin should be banned.

We are five days into October and, more important, five days ahead of historical financial volatility which is associated with September.

The short squeeze is one of the possible causes for Bitcoin’s surge in value. Also, the US bipartisan bill that seeks to raise $28 billion in the US over the next decade to support national blockchain infrastructure funding could be another factor.

Bitcoin is not the only cryptocurrency experiencing huge gains. Bitcoin rose by 81% during the day. The famous coin followed with a huge 20% increase.

Anybody who is familiar with the cryptocurrency history of the last few years can probably guess what was behind this – a tweet from Elon Musk. Tesla (NASDAQ) CEO, posted a picture with his Shiba Inu pup that looked like the faces of two altcoins.

Many crypto enthusiasts are unsurprisingly optimistic about today’s events, with many believing that today’s Bitcoin rally is just the beginning of huge crypto gains in Q4. Lark, an experienced cryptocurrency investor analyst stated that Bitcoin could rise as high as $200K during late Q4 and early Q1, which will give altcoins tremendous momentum to increase their value.

Whilst Davis’ $200k prediction may seem unrealistic, he is not the only analyst with huge expectations for Bitcoin. The CEO of financial advisory firm deVere Group stated his Bitcoin prediction last month. He expects that the price will surpass $65,000 by year’s end.

Even though the analyst claimed this was a conservative estimate, he believed the cryptocurrency would continue to rise due to persistent momentum.

Continue reading on CoinQuora

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