Bitcoin Jumps Past $55K Hinting That Bull Market is Not Over

Today October 6th, Bitcoin broke past $55,000, highest since May 12. A purchase of $1.6B via market orders was done in 5 minutes. It appears that whales have gone shopping.

Bitcoin’s market capitalization back to over 1 trillion

Bitcoin (BTC) visited $55,172, before drawing back to around $54,000 at the time of writing, with 28% gains on a weekly chart.

The level beats a previous line in the sand for bulls at $53,000, which Bitcoin reached and then reversed nearby during its previous uptick in early September.

Ki Young Ju, the CEO of CryptoQuant, commented on the move that a large purchase worth $1.6 billion via market order was executed in just five minutes.

Someone(s) bought up $1.6B worth $BTC via market orders in just 5 minutes.

Short liquidations seem relatively smaller like $17M at that time.

This is more like whale buying, not cascade liquidations.https://t.co/dD3OsykiET pic.twitter.com/0NnvbmaYYm
— Ki Young Ju (@ki_young_ju) October 6, 2021

Futures markets fluctuated in step with aggressive volatility.

CME Group Bitcoin futures, previously trading a full $400 above the spot price, were overtaken during the abrupt breakout.

*CME Group Bitcoin futures 1-day candle chart. Source: TradingView*

In so doing, BTC/USD thus fully removed any trace of what China’s ban on mining had achieved in May and became a trillion-dollar asset class again.

Traders react

Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.

A top crypto analyst and trader Michaël van de Poppe sees BTC strong going forward with Q4.

Honestly, I think we'll be continuing to see strength on #Bitcoin.

USDT pairs will be fine on #altcoins, but perhaps we'll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts.

December/January is often the best period to buy alts.
— Michaël van de Poppe (@CryptoMichNL) October 6, 2021