The price of Bitcoin broke the $50,000 resistance level over the weekend. The price picked a support at $47,000 after crashing from the $50K resistance level. That is Bitcoin's highest price in over three months.
The surge in the price of Bitcoin has also made the total market cap of Bitcoin near $1Trillion as it currently sits at $972B, according to data from Coinmarketcap.
Further data also reveals that the total market cap of all cryptocurrencies has reached $2.4Trillion compared with a low of around $1.2Trillion in mid-July.
Bitcoin is currently trading at $51740 as at publishing time and the next resistance level is at $57,000. Once the $57K resistance level gets taken out, the price of Bitcoin might make a new all-time high.
Bloomberg's senior commodity strategist, Mike McGlone has doubled down on call for six-figure Bitcoin (BTC), arguing that the first-born cryptocurrency is well on its way to becoming a global reserve asset that complements the United States dollar.
“Portfolios of some combination of gold and bonds appear increasingly naked without some Bitcoin and Ethereum joining the mix. A macro risk-off decline is a primary threat for the crypto bull market.”
The latest edition of Bloombergs Crypto Outlook called $100,000 BTC and $5,000 Ether (ETH) the “path of least resistance” after the two assets survived a more than 50% correction through the summer.
If the bulls continue with their current momentum, the price of Bitcoin will make a new all-time high before the end of 2021.