Bullish sentiment continues to grow after Bitcoin price broke above $57,000, outperformance altcoin

By Selena On Oct 12, 2021

Optimism continued to grow after the Bitcoin price broke and held overnight at $57,000. At the time of writing, BTC is up about 3% in the past 24 hours, extending its outperformance against altcoins, and is trading at $57,025, recorded an increase of nearly 16% in the past seven days.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price all-time high expected

“As altcoins are mostly treading water, BTC climbed above $57,600 for the first time in 5 months”, Santiment stated.

Source: Santiment

Noticing continued bullish momentum, some analysts call for BTC to return to its all-time high near $63,000 this quarter. The crypto rally is impressive since it occurred in the face of a broader risk-off environment in both equities and bonds, with crypto markets seemingly decoupling from the equities markets. We are seeing BTC lead this market up, as evidenced by BTC Dominance reaching multi-month highs.

Last week, the initial BTC spike could result from traders taking significant positions ahead of a rumored approval by the U.S. Securities and Exchange Commission (SEC) of a Bitcoin ETF. For now, technicals suggest the current rally is due for a pullback. The recent uptrend appears to be exhausted. We can expect about two weeks of price consolidation toward $47,000-$48,000, which is where the September sell-off stabilized.

With Bitcoin’s price dominance converting altcoin traders temporarily back to BTC-weighted portfolio allocations, sentiment has turned mildly euphoric.

Source: Santiment

In the past few days, the strong rally in Bitcoin has boosted sentiment, and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, anticipates Bitcoin to rally to $100,000 by early next year. Also, crypto-focused funds took in more than double the amount of new money last week than they did the prior week as bullish sentiment returned to the market.

We have some good news: Bakkt, a Bitcoin and crypto marketplace, and custodian announced a partnership with Google to extend the reach and usability of digital assets to meet rapidly evolving consumer demand.

Bakkt users will now be able to add their virtual Visa Debit cards into Google Pay to purchase goods and services in-store and online, wherever Google Pay is accepted. Bitcoin payments will be converted into fiat to make these purchases.

Most of the good news in the current market is focused on BTC, so the altcoin market has not yet had a spotlight. ETH failed to move up to the $3,600 resistance and is currently trading at $3,520. Top 15 CoinMarketCap only Shiba Inu (SHIB) is showing a 15% increase in the past 24 hours. Furthermore, it has also recorded a gain of 141% in the past seven days.

The cryptocurrency market capitalization has also increased slightly in a day and is currently at $2.312 trillion. And the Bitcoin Dominance is 46.4%.

Read more: