SHIB and DOGE are seeing the most gains among altcoins as BTC looks to battle the profit-taking deals above $51k
Bitcoin price has soared above $50,000 as the crypto market looks to bounce higher during a historically bullish fourth quarter.
The bellwether cryptocurrency's value has seen an uptick in the first week of October, with today's upside seeing it surge past the $51,000 hurdle. Bitcoin price is currently up 4.4% in the last 24 hours and more than 26% up in the past seven days.
At time of writing, BTC is trading around $51,700 having surged past the $51,000 barrier to nearly break above $52,000. According to data from CoinGecko, the early trading sessions on Wednesday saw buyers push to an intraday high of $51,970.59, a level likely to give a hint of where prices could go next.
BTC/USD daily chart. Source: TradingView
According to one highly respected analyst, Bitcoin could see gains throughout October to reach highs of $63,000, before a slowdown in November and then another leg up in December.
Based on historically recurring #BTC price tendencies across cycles…
Bitcoin could rally to ~$63,500 in October
Then retrace to the low/mid-$50,000s in November
Then break out to new All Time Highs$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 5, 2021
Bitcoin's surge is off the back of positive comments from SEC Chair Gary Gensler, who told a Senate committee on Tuesday that the regulator had no plans to ban crypto in the US. Similar comments were also made by Fed Chair Jerome Powell last week, with the US looking to take an opposite stance to that adopted by China.
Shiba Inu and Dogecoin soar 82% and 13% respectively
While Bitcoin's break above a key hurdle for the first time in weeks is an impressive feat in the market, Shiban Inu (SHIB) and Dogecoin (DOGE) upstage it when it comes to racking up the most gains in the past 24 hours.
Shiba Inu and Dogecoin's respective rallies follow another tweet from Tesla CEO Elon Musk, which shows the billionaire's “Floki Frunkpuppy”. There's also speculation about a possible listing on Robinhood for SHIB, adding to the buy-side pressure.
Shiba Inu is registering the most gains on the day at 82% as it changes hands at $0.000024. The cryptocurrency currently occupies the 17th spot among the largest crypto assets by market cap and could see further upward movement to target prices above $0.000025.
Dogecoin, on the other hand, is also seeing significant gains with its value 13% and 34% up over the past 24 hours and seven days respectively. DOGE's value against the US dollar is $0.27 at time of writing, with an uptick likely to send it to the $0.28 to $0.30 range.