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Bitcoin bulls are snapping up every dip as peak after peak falls to the much-anticipated Q4 bull run finale.
Bitcoin (BTC) kept markets guessing ahead of the Wall Street open on Oct. 11 after rejection reached its highest level since May.
BTC price teases $58,000 February high
Data from TradingView showed BTC/USD tracking $57,000 after reaching $57,450 on Bitstamp — its best since May 10.
In so doing, Bitcoin effectively fully canceled out the impact of China’s mining debacle and subsequent redistribution of hash rate around the world.
— Rekt Capital (@rektcapital) October 11, 2021
Amid a celebratory mood among analysts, predictions broadly centered on a run to a six-figure peak initiating sooner rather than later.
“All data science models suggest that BTC will peak much higher than $100,000 in this cycle,” trader and analyst Rekt Capital added on the day.
Even at current prices, BTC/USD has only been higher 38 days in its lifetime, Morgan Creek Digital co-founder Anthony Pompliano noted.
Bitcoin supply crisis becomes mainstream
According to Bloomberg, this could be aided by a one-of-a-kind macro-environment, which would add to Bitcoin’s allure as a limited-supply investment.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, highlighted upcoming turmoil over US fiscal policy in the latest of his frequent bullish Bitcoin tweets.
“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,” he tweeted.
“The debt-ceiling drama may work against managers that avoid allocations to Bitcoin”
The concerns failed to worry the dollar at the start of the week, however, with the U.S. dollar currency index (DXY) climbing once more above the 94 support.