Analysts expect Bitcoin to rally up to $150,000 after record high

According to analysts, Bitcoin may be set for more gains over the coming weeks after it reached a new high record 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” This current level suggests that another high may come in the next week. However, it didn’t exclude a drop to between $108,000 and $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 On Sunday “a new leg up seems likely.” Bitcoins are strong. “the pullbacks will be minor at best,” They added.

“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 just closed at its highest ever weekly closing price of $123,543. according TradingView is a trading platform. 

US Government Shutdown Effect 

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 told Cointelegraph that he is chief operating Officer at the BTSE Exchange. 

He said that the US Dollar is currently depreciating, and will likely depreciate further if rates continue to fall. “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’s new record comes as the US Dollar is experiencing its worst performance in decades. The US Dollar Index which compares the US dollar to a basket currency has dropped by more than 12 percent since January. 

ETFs drive ATH

Will Clemente, a venture capitalist said The big Bitcoin movement wasn’t driven primarily by derivatives or digital assets, but rather spot ETFs, which are exchange traded funds. “viewing BTC as a rotation from commodities and small caps.”

Bitcoin ETFs spotted in US “ridiculous numbers” Last week, $3.2 billion was injected into the market. This resulted in their second-best week Launched in 2009, observed Nova Dius President Nate Geraci.

Bullish seasonalism 

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