On Oct. 1, Bitcoin (BTC) surged to nearly $48,000 USD after a classic “short squeeze” liquidated over $270 million in crypto positions in under an hour.
The rising volatility followed signals that a BTC price rebound was already on the way Thursday, particularly as the dollar faltered, a familiar scenario for speculators.
1-Day Bitcoin Price Chart – Source: CoinMarketCap
Volatility remained high at the time of writing, with BTC/USD still trading above $47,000, the monthly closing in August.
In one of several positive tweets following the shift, writer Michal van de Poppe said, “Goodbye bearish.”
Meanwhile, Rekt Capital, a fellow analyst, offered a more somber assessment.
On Sept. 19, Bitcoin hit $47,000 for the first time. The atmosphere was equally upbeat among prominent cryptocurrencies, which witnessed increases of over 10% in certain cases, matching BTC/USD. Bitcoin’s market share has already increased in the new month, with 43.3 percent at the time of writing.
With a target price of $63,000 in October, hopes were high for Bitcoin to recoup lost territory heading into Q4.Van de Poppe emphasized historical performance throughout several months each year, something that Cointelegraph has previously described as a “boring” 30 days.
Others, on the other hand, were more cautious. QCP Capital, a crypto trading business, indicated in its most recent market report that it will continue to be cautious in its approach to the market as a whole. However, at the time of writing, all of the top ten cryptocurrencies by market capitalization were in the green, a welcome change from previous events.
While, the second-largest cryptocurrency by market cap, Ethereum (ETH), soared above $3,250 USD on the strength of a 9.50% gain.