Bitcoin
BTC$60 335.69

-1.25%

Ethereum
ETH$4 030.06

-1.31%

Binance Coin
BNB$474.52

-1.28%

Cardano
ADA$2.12

-1.73%

Tether
USDT$1.000502

-0.01%

Solana
SOL$190.80

-3.81%

Bitcoin breaks above $50,000 as upward momentum continues


06 Oct 2021

#Bitcoin

The price of Bitcoin exceeded $50,000 for the first time since 7th September, the day Bitcoin became legal tender in El Salvador. The world’s largest cryptocurrency had dropped to around $47,600 in early trade before rising to a high around $50,300. Speculation about a Bitcoin ETF continues to linger in the background, with optimism that the US Securities and Exchange Commission (SEC) will soon approve a futures-based ETF.

According to Bloomberg ETF Analyst Eric Balchunas, there is a 75% chance that a Bitcoin futures ETF will be approved this month. Approval of a Bitcoin ETF is seen as another step towards cryptocurrencies becoming a mainstream financial market asset. A futures-based ETF is more likely to see approval first and is viewed more favourably by the SEC Chair Gary Gensler due to their derivatives-based nature making them easier to regulate.

Meanwhile, crypto investment products and funds recorded inflows for a seventh consecutive week last week, according to data from CoinShares, signalling that institutional interest in Bitcoin and other digital assets isn’t slowing down.

Technical View

After trading above $50,000, Bitcoin is now testing trendline resistance around its current level of $50,300. The next level to the upside traders will be focusing on will be the September high around $52,900. A move and close above that level and some analysts are calling for Bitcoin to test its all-time highs around $65,000 within a matter of weeks.

If Bitcoin fails to hold gains above $50,000 then the door may be open for another small correction. If that is the case, then the 18th September high around $48,800 could act as support. After that, the 50-day moving average at $46,800 and the 200-day moving average at $45,000 will likely be the next levels to watch out for.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 65.2% 74 $60 335.69 -1.25% -1.01% $1 137 507 932 415 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 59 $4 030.06 -1.31% 5.72% $475 786 019 548 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 62 $474.52 -1.28% 1.85% $79 149 889 886 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 90.4% 13 $2.12 -1.73% -1.58% $69 655 191 496 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000502 -0.01% 0.05% $69 609 054 760 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 69.2% 56 $190.80 -3.81% 18.73% $57 421 911 660 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 73.2% 49 $1.078861 -0.85% -3.86% $50 648 592 354 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60.4% 82 $42.19 -3.42% 1.79% $41 670 216 981 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 68.8% 60 $0.255430 3.67% 8.21% $33 672 761 779 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000548 -0.03% 0.06% $32 583 516 990 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 66.4% 63 $40.90 -4.44% 11.32% $16 419 803 112 LUNA 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.4% 92 $0.000041 24.31% 59.38% $16 011 554 148 SHIB 7 days price change
13 UniSwap (UNI) UNI UniSwap predictions 79.6% 43 $25.76 -2.39% -2.03% $15 758 219 755 UNI 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 70% 61 $63.71 -2.56% 13.02% $14 034 795 800 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 75.6% 50 $29.75 -3.41% 11.29% $13 715 227 505 LINK 7 days price change

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