Bitcoin Price Briefly Hits $5,920 Before Minor Correction; Factors For Another Rally
Earlier today, on October 13, the Bitcoin price achieved a new all-time high for the third time in the past two days, briefly surging to $5,920.
But, subsequent to achieving the new all-time high, the Bitcoin price experienced a minor correction, likely caused by the sudden surge in the price of Bitcoin in the past two days, from $4,500 to $5,920.
Possibility For Another Rally, Analysts Look Toward $6,000
Analysts including long-time Bitcoin investor Tuur Demeester, Trace Mayer, and Samson Mow are looking ahead toward $6,000, expecting yet another strong rally from Bitcoin to emerge in the next few days.
In a previous article, CCN revealed three major factors behind the recent surge in the price of Bitcoin: rise in demand for Bitcoin from institutional investors, strengthening of the Japanese and South Korean markets, and the upcoming SegWit2x hard fork. The article delved into the role of institutional and retail traders in the mid-term surge in the Bitcoin price, but as Blockstream executive Samson Mow noted, the upcoming SegWit2x hard fork in November could play a vital role in the short-term price trend of Bitcoin.