Insights

Bitcoin rockets past US$50,000 as analysts eye October price catalyst

Most cryptos have been gaining over the past month, but there are no guarantees how long that will last.
The post Bitcoin rockets past US$50,000 as analysts eye October price catalyst appeared first on The Motley Fool Australia. –

The Bitcoin (CRYPTO: BTC) price is up 2% over the past 24 hours. One Bitcoin is currently trading for US$50,268 (AU$69,816).

The last time the world’s largest token by market cap traded above the psychologically significant US$50,000 mark was on 15 May.

Back then, it was on the way down, having traded at all-time highs of US$64,829 on 16 April.

It would continue to lose ground (though not in any kind of straight line) until hitting lows of US$29,608 on 21 July. Which, our helpful calculator tells us, means Bitcoin has now gained a whopping 70% in just over 1 month.

Not bad for those who bought in at the 21 July low and were able to stomach the wild volatility that’s followed.

Commenting on the break above US$50,000, Mati Greenspan, CEO of Quantum Economics said (as quoted by CoinDesk), “It’s not the first time we’ve crossed this legendary milestone, but given the advancements in the industry lately, $50,000 certainly seems justified at this time.”

But with US$50,000 once more surpassed, what’s next?

Potential Bitcoin price catalyst ahead

Online investment platform eToro’s crypto analyst Josh Gilbert told the Motley Fool that he believes the world’s number 1 crypto “will be trading at a higher price” in 6-12 months than it is today.

Part of his bullish outlook stems from blockchain upgrades which are intended to make Bitcoin a competitor with Ethereum (CRYPTO: ETH) in the digital contract space.

According to Gilbert:

Bitcoin’s Taproot upgrade, which is expected to take full effect in October 2021, could provide a catalyst for new record highs. The upgrade will provide greater efficiency and, crucially, unlock the potential for smart contracts, meaning it can offer more than just payments.

Currently, smart contracts are the primary driver for Ethereum. Adding smart contracts capabilities to Bitcoin’s blockchain could be a game-changer.

Don’t ignore the headwinds

That’s a strong potential tailwind for further price gains.

When we asked what could stall any new bull run for the token, Gilbert told us:

Bitcoin’s headwinds are continuing scrutiny by regulatory bodies, as well as facing uncertainty from large mining regions such as China. Other assets like Ethereum continue to challenge Bitcoin, particularly with Ethereum’s more advanced technology.

Gilbert said Ethereum’s “transition towards decentralisation with Ethereum 2.0, which will accommodate the most complex ecosystem of applications” isn’t something Bitcoin is currently able to offer.

The post Bitcoin rockets past US$50,000 as analysts eye October price catalyst appeared first on The Motley Fool Australia.

Should you invest $1,000 in Bitcoin right now?

Before you consider Bitcoin, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bitcoin wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Up 50% in a month! Bitcoin is back over US$50,000

1 smart way to invest in Dogecoin without buying cryptocurrency

ASX 200 Weekly Wrap: Miners drag ASX back to earth

Cardano reaches new milestone as market cap narrows with Bitcoin

Crypto assets surpass US$2 trillion on Bitcoin rally… now what?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!