Bitcoin (BTC) went below $ 54,000 on October 7 as traders waited to see how far down Wednesday’s $ 5,000 rally could go.
BTC looks forward to backing $ 1 trillion in assets
Data from Cointelegraph Markets Pro and TradingView shows BTC / USD looked less confident on Thursday, falling 3% while targeting $ 53,000 – and a market cap of $ 1 trillion – before rebounding.
The pair hit a local high of $ 55,800 – the highest since the mining run in May – but it wasn’t long before the overrated markets showed signs of weariness.
Since the volatility is still noticeable, analysts took the opportunity to again shy away from spot price movements.
“Historically, BTC had an average monthly positive return of + 32% in October,” says Rekt Capital Note.
“This October, $ BTC is up + 29% and this is only the first week of the month.”
Such performance, while impressive, could still signal the beginning of consolidation and position Bitcoin to provide higher support before expecting a rally towards $ 63,000 by the end of the month.
Such a month-end closing, known as the “worst-case scenario”, would still far exceed the average historical profit in October. The current best year on record is 2017, when BTC / USD is up 47%.
Dogecoin beats the field among altcoins
Altcoins continue to follow suit on this day after Bitcoin rallies – which has not been lost in the mainstream media either.
Related: Bitcoin bears are at risk of being caught if BTC price is above $ 50,000 – here’s why
The weekly gains of BTC / USD were only achieved by Dogecoin (DOGE), repeating the well-known action from the first quarter of this year. Both are up 25% in seven days at press time.
However, the largest altcoin, Ether (ETH), is quieter, posting 20% weekly gains, and hovering around $ 3,575.