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

Key facts:

• Bitcoin surpassed $ 47,000 for the first time since September 20.

• The cryptocurrency market once again exceeded 2 trillion capitalization.

The price of bitcoin (BTC) recovered this Friday, October 1. The main cryptocurrency on 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, the market price of BTC is $ 47,400. For the first time since last September 20 , the main cryptocurrency is in that level, which he had lost as a result of the Evergrande crisis , one of the main real estate companies in China.

Then a new bitcoin ban on The Asian giant seemed to finish squandering the hopes of a recovery in the cryptocurrency market, which today begins to be seen with this rise.

According to data from CoinMarketCap, already bitcoin had achieved a rise of more than 5% this Thursday, September 30 , going from 41,500 to more $ 43,000 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.

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

That list highlights Ethereun’s native currency, ether (ETH), which returns over $ 3,000 . Solana too, which 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 their bearish scenario .

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

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