Bitcoin will reach the $12 thousand mark in a couple of months

Recovering from the decline. Galaxy Digital CEO Mike Novogratz believes that the CFTC attack on the BitMEX exchange did not break the first cryptocurrency.

"Another unsuccessful attempt to break through to $11,000 turned into a sell-off for bitcoin, which pushed the cryptocurrency to $10,400. BTC ran into resistance and a lawsuit against BitMEX," notes the FxPro analyst team.

Last Thursday and the U.S. Department of Justice accused cryptocurrency exchange BitMEX of violating anti-money laundering laws.

In parallel, it was reported that the company's technical director Samuel Reed was arrested in Massachusetts. After that, users of the exchange began to massively liquidate long positions on bitcoin futures, writes coinspot. On October 2, it became known that 32,000 BTC worth up to $335 million were withdrawn from the platform.

Galaxy Digital CEO Mike Novogratz commented on Twitter on the attack of the US authorities on the exchange. In his opinion, investors should take advantage of the weakening of the BTC rate and buy the coin on the fall. BitMEX is not the entire crypto market, and the problems between the trading platform and the American justice should not lead to a big drop in the value of digital assets.

Analyst Timothy Peterson expects bitcoin growth to resume soon. He pointed out three important stages in the strengthening of the BTC exchange rate.

Bitcoin could break above $11,000 within two weeks. In about a couple months, the cryptocurrency will reach $12,000 and could update the 2020 highs around $12,500. The most important will be the third stage of BTC's long-term appreciation, when bitcoin will reach $37,000 in about two years.

Timothy Peterson uses the so-called Metcalfe method in his forecast. It should be noted that many analysts believe that capital will soon start to return to bitcoin amid the weakening of the hype around the DeFi market.

"During September, bitcoin lost more than 8% in value. DeFi sector could not but have a negative impact on the dynamics of BTC. Nevertheless, the primary excitement can already go down, and investors' attention will return to bitcoin by the end of the year", - notes the team of FxPro analysts.