‘Say hi to Uptober’ — Bitcoin price surges above $47K in minutes, liquidating $270M in shorts
Bitcoin bears suffers as BTC surges $3,000 in minutes.

Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a classic “short squeeze” liquidated over $270 million of crypto positions in under an hour.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Goodbye bears”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $47,800 on Bitstamp, jumping $3,000 in minutes.

A familiar setup for traders, the upward volatility followed signs that a BTC price recovery was already on the way Thursday, particularly as the dollar struggled.

At the time of writing, volatility remained, with BTC/USD still above $47,000 — the site of August’s monthly close.

“Goodbye bears,” Cointelegraph contributor Michaël van de Poppe reacted in one of many bullish tweets from traders following the move.

Fellow analyst Rekt Capital, meanwhile, provided a more sombre take.

“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” he warned.

“And then it will resume its uptrend.”

The last time Bitcoin saw $47,000 was on Sept. 19.

Analyst nails Bitcoin monthly close 2 months running — His October target is $63K
Bitcoin should reach $63,000 in October if analyst PlanB’s BTC price floor targets hold.

Bitcoin (BTC) was keen to retain $44,000 on Oct. 1 as the monthly close sparked a late show of strength.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC monthly close matches PlanB’s prediction

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it first returned to the $44,000 mark Thursday, then test lower levels before heading even higher.

While still not tackling resistance at $45,000 and higher, Bitcoin did not disappoint with its end-of-month performance, this almost exactly matching predictions from stock-to-flow model creator PlanB for a second month running.

Next targets: Oct>63k, Nov>98k, Dec>135k pic.twitter.com/C45nfQkQSC October 1, 2021

With $63,000 now planned for October, expectations were high for Bitcoin to make up for lost ground going into Q4.

“September was bad. October is great. November is great. December is great,” Cointelegraph contributor Michaël van de Poppe summarized, telling Twitter followers to “buy the f*cking dip.”

Van de Poppe highlighted historical performance across various months each year, something which Cointelegraph previously noted all but consigned September to be a “boring” 30 days.

Others, however, were more cautious. In its latest market update, crypto trading firm QCP Capital said that it would remain cautious in its approach to the market as a whole.

“Overall, we struggle to find any directional conviction amidst the macro and market crosswinds. Our strategy going into Q4 is to remain fairly neutral and nimble,” executives summarized.

This Daily Dose was brought to you by Cointelegraph.

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