Analysts believe that Bitcoin is poised to make further gains after hitting a record-breaking high on Sunday.
“Now that we’ve made new ATHs in an impulsive manner, the next leg to $150k+ has begun,” opined crypto analyst ‘CrediBULL Crypto’ on Sunday following Bitcoin’s (BTC) surge to a record high You can get $125.700.
The Analyst said we’ll “blast through” The current levels suggest that another peak could be reached this week. But, they didn’t completely rule out the possibility of a fall to $108,000-$118,000.
“Dips into that zone of $108 to $118k are a blessing if we get them – and if not, well then enjoy the ride to $150k+”
Long-term crypto trader ‘Crypto Chase’ echoed the sentiment, predicting Sunday is a day of rest “a new leg up seems likely.” Bitcoin – Is it really strong? “the pullbacks will be minor at best,” Additions to the list include:
“I feel like BTC is about to see another ATH within hours,” said James Wynn added that he was a Hyperliquid Whale Trader. “I believe price discovery mode has started. It’s taken a long time due to price suppression, and gold and stocks are grabbing all the attention.”
Bitcoin’s weekly close was just $123,543, the highest in its history. according TradingView.
US government shutdown effects
The 11% increase in the last week can be attributed to several factors, such as the US Government shutdown that began on October 1.
“We think that because of the US government shutdown and other monetary pressures, investors could be seeing Bitcoin as a safe haven, giving them another vehicle to diversify away from the US dollar and Treasurys,” Jeff Mei is the chief operating officer of the BTSE, he told Cointelegraph.
He also said the US dollar was depreciating. It is expected to continue depreciating if interest rate declines further. “it only makes sense that investors allocate more capital to other currencies and Bitcoin.”
Related: Bitcoin hits all-time high as USD on track for worst year since 1973: Analyst
Bitcoin is at a record high, while the US dollar has its worst year in years. Since January, the US Dollar Index has dropped by over 12 percent.
ETFs drive ATH
Will Clemente, a venture capitalist said Spot exchange-traded fund trading was the driving force behind Bitcoin’s big move, not digital assets treasuries, or derivatives. “viewing BTC as a rotation from commodities and small caps.”
Bitcoin ETFs are visible in US markets “ridiculous numbers” Last week, $3.2 billion was injected into the market. This resulted in a rise in prices. second-best week Since launch observed Nova Dius President Nate Geraci.
Bullish Seasonality
The combination of these influences and bullish seasonality — BTC has gained in 8 out of 12 past fourth quarters and 10 of the past 12 Octobers — could lead to another rally This month,
“It’s incredibly strong that we go from $110K to $125K in a single week,” said crypto YouTuber Michaël van de Poppe on Sunday.
Charles Edwards, founder of Capriole Investments, was arrested last week. predicted that Bitcoin’s breakout above $120,000 would lead to a ‘very quick move’ to $150,000.
Magazine: Bitcoin may move ‘very quick’ to $150K, altseason doubts: Hodler’s Digest
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
