• Is Bitcoin a good time to buy now that the price has risen above $57000?

  • Bitcoin BTC/USD is gaining ground this Monday, with the price of this cryptocurrency surpassing $57,000 for the first time in five months. Bitcoin is currently down 12% from its peak of $64,895, and technical analysis suggests that the price could break through the $60000 resistance level very soon.

    The daily volume is still high.

    Bitcoin continues to enjoy the support of both the developer and user communities, and its fundamentals are constantly improving. Bitcoin is trading very close to the $60000 resistance level, the daily volume of this cryptocurrency remains high, and Bitcoin continues to grow as new capital enters the market.

    According to recent CryptoCompare Digital Asset Management research, institutional investors’ interest in cryptocurrencies is growing, while Allied Market Research recently predicted that the global cryptocurrency market would reach $4.94 billion by 2030.

    This is certainly good news for Bitcoin investors, as Meltem Demirors, Chief Strategy Officer (CSO) at digital asset investment firm CoinShares, recently stated that Bitcoin could reach $100,000 by the end of the year.

    Historically, October has been a positive month for Bitcoin, with six of the last ten months being impressive, and everything points to the price breaking through the $60000 resistance level very soon.

    Bitcoin’s value has nearly doubled since late June and early July, when it briefly fell below $30,000 per coin. Another encouraging piece of news is that Jerome Powell stated this month that the Fed has no intention of outlawing cryptocurrencies, implying that institutional demand will likely continue to rise.

    The crypto market sentiment is improving, and Bloomberg’s chief commodity strategist, Mike McGlone, predicted that Bitcoin’s price would rise significantly in the fourth quarter of 2021. Mike McGlone continued, saying:

    Bitcoin may be entering a one-of-a-kind phase that will culminate in a price surge in the fourth quarter of this year, as US debt levels rise and fears of a default grow.

    BTC is under the control of bulls.

    Bitcoin advanced above $57000 on Monday, and everything points to the price breaking through the $60000 resistance level very soon, according to technical analysis rules.

    If the price of Bitcoin rises above $58000, it will be a signal to trade, and the next price target could be around $60000. On the other hand, if the price falls below the $50000 support level, it will be a strong “sell” signal, with the next target being around $45000.

    Summary

    Bitcoin rose above $57000 on Monday, and Bloomberg’s chief commodity strategist, Mike McGlone, predicted that Bitcoin’s price would rise significantly in the fourth quarter of 2021. This cryptocurrency’s current trend is bullish, and there is no indication of a trend reversal at this time.

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