Are there 60,000 dollars a token in the fate of Bitcoin? Here is the point of the situation on the crypto-markets
The Bitcoin price today it has moved slightly away from the 55 thousand dollars reached in the last days. However, the slight decline means absolutely nothing as the setting continues to be bullish thanks to a whole series of favorable drivers but above all thanks to the growing appeal that Bitcoin can boast among institutional investors.
Beyond the movement taking place today, Bitcoin appears to be destined to grow. The target that more than one analyst has set for the short term is that of 60 thousand dollars a token.
A goal that would not represent the final goal but only the springboard for a further extension. As we highlighted in the Bitcoin forecasts at the time, there are many analysts who predict the achievement of 100 thousand dollars in 2022.
A very optimistic perspective that can be translated into a precise one trading strategy which consists in buying Bitcoin now to take advantage of the low prices, and then reselling when there should be the rally theorized by the forecasts of the experts. To operate in this way, it is essential to use reliable and safe brokers such as eToro (here our full review).
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Bitcoin price: what has happened in the last few months
After the crash in early August, the cryptocurrency summer ended with one Bitcoin Season, or with a period during which the queen of crypto performs better than the rest of the sector. Bitcoin has reached the psychological threshold of 50 thousand dollars per token several times, to then reach 52,700 at the beginning of September.
In the following weeks, as is the tradition of digital currencies, Bitcoin continued to fluctuate. In a short time the price fell below 43 thousand dollars, and then returned to 48,500. This happened when El Salvador, the first country in the world, announced to make Bitcoin the official currency alongside the dollar.
From there a short new drop below 40 thousand dollars even, and then return to station around the 47 thousand dollars. As you can see from these movements (described briefly) the price of Bitcoin in recent months has fluctuated a lot, creating the right opportunity for entry at a discount. All these movements are ideal for investing through CFDs on the BTCUSD exchange. A broker that allows you to speculate on the price of Bitcoin without buying the asset physically it is Plus500 (read the full review here), a broker that offers a free 40 thousand euro virtual demo to practice risk-free.
What influenced the price of Bitcoin
As always happens with the markets, the news coming from the institutional world influences the Bitcoin prices. And so was the recent announcement by the president of the Federal Reserve Powell on the need to arrive at a regulation of cryptocurrencies, leaving aside the repressive temptation that was instead adopted by China, has positively influenced BTC:
After all a senator, Cynthia Lummis it even invested unsuccessfully in Bitcoin, after trying to insert a favorable amendment to the digital currency in the infrastructure bill.
Still, Dawn Fitzpatrick, CIO of Soros Fund Management, said the fund has activated positions in Bitcoin. Finally, it appears that El Salvador will not be left alone in its Bitcoin legalization experiment: the Brazil, in fact, aims to follow the Salvadoran path by making Bitcoin legal, at least according to the proposal of the deputy Aureo Ribiero.
In short, the positive drivers in this period are really not lacking and it is also for this reason that many believe that the price of Bitcoin is necessarily destined to reach new records.
Bitcoin forecast for October 2021
At the beginning of the autumn month, Bitcoin managed to break the $ 47,000 barrier, thus exceeding the 50-day average. It is back above the 50 thousand dollars a token, a level that is considered a psychological price because it is the figure that captures the attention of markets and investors.
Should the price remain above 52500 dollars, and perhaps consolidate enough to reach 55 thousand dollars, you could aim to break through the roof of the 60 thousand.
Having reached that milestone, it will be necessary to see what Bitcoin’s reaction will be to this new situation. The quota of 60 thousand dollars, in fact, could become a maximum ceiling, and therefore could fluctuate around this value with the possibility of moments of collapse (to be exploited to buy at low prices >>>here the eToro demo), or the quote could be used as new positive psychological threshold that is, as a springboard to reach new historical highs. The situation is evolving and offers many ideas for activating one’s trades.
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