Bitcoin (BTC) kept markets guessing into the Wall Street open on Oct. xi subsequently seeing rejection on hitting its highest since May.

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

BTC price teases $58,000 Feb high

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tracking $57,000 subsequently reaching $57,450 on Bitstamp — its best since May 10.

In so doing, Bitcoin finer fully canceled out the impact of China's mining debacle and subsequent redistribution of hash rate around the world.

Amid a celebratory mood among analysts, predictions broadly centered on a run to a half dozen-figure peak initiating sooner rather than later.

"All information scientific discipline models suggest that BTC will peak much higher than $100,000 in this cycle," trader and analyst Rekt Capital added on the solar day.

Even at current prices, BTC/USD has merely been higher 38 days in its lifetime, Morgan Creek Digital co-founder Anthony Pompliano noted.

Bitcoin supply crisis becomes mainstream

That could be assisted past a unique macro-environment further adding to Bitcoin's allure as a finite-supply investment, Bloomberg said.

Related: BTC price hits $57K 5-month loftier — 5 things to watch in BTC this calendar week

In the latest of his frequent bullish Bitcoin tweets, Mike McGlone, senior article strategist at Bloomberg Intelligence, highlighted upcoming turmoil over United States fiscal policy.

"Relative to rising US debt and tensions over a potential default, Bitcoin may exist entering a unique phase for a 4Q price ascension every bit markets gain trust in the coding that defines the crypto's supply," he tweeted.

"The debt-ceiling drama may piece of work confronting managers that avert allocations to Bitcoin"

Bitcoin supply vs. U.S. debt-to-GDP nautical chart. Source: Mike McGlone/Twitter

The concerns failed to worry the dollar at the first of the calendar week, however, with the U.S. dollar currency index (DXY) climbing once more above the 94 support.