Bitcoin price returned to beat the week’s four-month highs, climbing $2,000 in two hours
Bitcoin price moved above its September highs and is approaching the final resistance area before its all-time high. BTC could potentially get rejected in the short term before reaching a new all-time high. However, all signs point to a high being reached soon.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price hits $56,000 as bulls return and talk focuses on ETF approval
Bitcoin increased significantly on October 6, posting its highest increase since the upward move began on July 21. BTC just hit just over $56,150 on Bitstamp in a fresh show of bullish momentum.
Amid anticipation of fresh upside from traders, talk beyond price action continued to focus on the likelihood of an ETF approval from United States regulator – and its implications. This uptrend appeared during a lot of good news for the market.
And many positive comments appeared. In an interview with CNBC, billionaire and Galaxy Digital CEO Mike Novogratz predicted that the market cap of Bitcoin would surpass that of gold in a few years.
Galaxy Digital CEO, Mike Novogratz
“I think it will continue to be adopted, and it will take more and more of gold’s market cap. Right now, it is about 12% of gold. I think it will get to 100% over a few years”, the early crypto adopter stated.
Novogratz said he could see parabolic moves in cryptocurrency during Q4 of this year. He also issued a warning to NFT holders today at the Token2049 Conference.
“I see a scenario where we take out the highs in Bitcoin, and we have one of these parabolic moves in all of the crypto going into the fourth quarter,” he stated.
In the same interview, he expressed his belief that gold is getting displaced quietly, and while gold was a proper allocation for him earlier this year, he finally just gave up on it.
Read more:
- SEC Approved The Volt Bitcoin Revolution ETF, Portfolio Includes Tesla And PayPal
- Bitcoin Price Stayed Roughly Flat Over The Past 24 Hours, Settling At Approximately $54,000