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Bitcoin’s meteoric rise above $50,000 this week is likely to continue well into the fourth quarter on rising market sentiment considerations.
The October edition of the Bloomberg Galaxy Crypto Index, which provided an overview of where digital assets could be headed for the rest of the year, was out Tuesday.
The report speculated that Bitcoin’s $50,000 resistance was about to flip support and that Bitcoin’s $50,000 resistance point since May appears ripe to become the crypto’s support value in 4Q.
The BTC price surged toward $55,000 on Wednesday, as a confluence of technical, fundamental and sentiment factors pushed the cryptocurrency to several month highs.
Bitcoin is increasingly decoupling from the broader macro-environment. A case in point is that Bitcoin’s 9% rise on Wednesday came as the Dow Jones plunged over 200 points and the United States dollar rose 0.4% against a basket of competing currencies.
