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Bitcoin price returns above $ 47,000 and erases the “China effect”

The price of bitcoin (BTC) recovered this Friday, October 1. The main cryptocurrency in the market opened a new month and the last quarter of this year with an increase of about 8% so far this day.

At the time of writing this article, the price BTC’s market share is $ 47,400. For the first time since last September 20 , the main cryptocurrency is at that level, which it had lost as a result of the Evergrande crisis, one of the main real estate companies in China .

Then, a new bitcoin ban in the Asian giant seemed to end up squandering hopes of a recovery in the cryptocurrency market, which today begins to see this rise.

According to data from CoinMarketCap, bitcoin had already achieved a rise of more than 5% this Thursday, September 30 , going from 41,500 to more than 43,000 dollars during the day. In total, the cryptocurrency has risen more than 10% in a couple of days and seems to be heading back towards $ 50,000 per unit.

Bitcoin price returns above $ 47,000 and erases the “China effect”
Bitcoin surpasses $ 47,000 for the first time since September 20. Source: CoinMarketCap.

As bitcoin recovers its price, the cryptocurrency market once again exceeded 2 trillion dollars in total capitalization. Other major cryptocurrencies have also risen in the last 24 hours .

In that list, Ethereun’s native currency, ether (ETH) stands out, which returns over $ 3,000 . Solana, too, who goes over 150 dollars per unit; or Polkadot, whose market value is over $ 30 right now.

$ 63,000 by the end of October?

PlanB, one of the most recognized analysts in the market, had predicted that BTC would close August around $ 47,000 and September at about $ 43,000. Both predictions were correct and were part of its bearish scenario .

Now, the creator of the valuation model of the cryptocurrency known as stock-to -flow, set the target price for the end of October at $ 63,000 . According to his model, the cryptocurrency should approach $ 100,000 per unit by the end of November and be over 135,000 by the end of this year 2021.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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