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,” CrediBULL, a crypto analyst firm, said Sunday after Bitcoin’s (BTC). record high The amount is $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+”
Crypto Chase, an experienced crypto trader, has echoed similar sentiments. predicting On Sunday “a new leg up seems likely.” Bitcoin could be a strong currency “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 is a hyperliquid whale trader who has added. “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 is a trading platform.
US Government Shutdown Effect
The surge of 11% in oil prices over the past seven days can be traced to a number of factors. One is the US shutdown which started on Oct. 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 BTSE, according to 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’s new record comes as the US Dollar is experiencing its worst performance in decades. Since the start of the year, the US Dollar Index (which measures the US Dollar against a basket currencies) has fallen by over 12%.
ETF flows 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” Inflows of $3.2 billion resulted last week in a rise in the value of their currencies. second-best week Launched in 2009, observed Nova Dius President Nate Geraci.
Bullish Seasonality
The combination of these influences and bullish seasonality — BTC has gained in eight 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 Bitcoin’s break-out above $120,000 will lead to an increase in the price of bitcoin “very quick move” You can earn up to $150,000
Magazine: Bitcoin may move ‘very quick’ to $150K, altseason doubts: Hodler’s Digest
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Source: cointelegraph.com
