Analysts are expecting Bitcoin prices to rise above $150k after the record-breaking 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 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+”

Long-term crypto trader ‘Crypto Chase’ echoed the sentiment, predicting On Sunday “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 $12,543, the highest in its history. according TradingView is a trading platform. 

US Government Shutdown effect 

There are several reasons for the surge of 11% in last week. 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 told Cointelegraph that he is chief operating Officer at the BTSE Exchange. 

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. 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 asset treasuries but rather spot exchange traded funds. “viewing BTC as a rotation from commodities and small caps.”

Bitcoin ETFs spotted in US “ridiculous numbers” Inflows of $3.2 billion resulted last week in their 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 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 founded Capriole Investments 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