Bitcoin currently trades at around $109,000. Analysts from QCP Capital describe this as a “hold” in the market. “narrow-range equilibrium” ahead of Friday’s U.S. Consumer Price Index (CPI) release — one of the few data points unaffected by the ongoing U.S. government shutdown.
QCP described the CPI The word “a” is pronounced as: “singular anchor” A 0.2% rise in policy is likely to boost risk assets, and improve liquidity sentiment. The markets are still frozen, between profit-taking and cautious optimism.
Bitcoin’s price has fallen since hitting a record high above $126,000 on Oct. 6, shedding momentum as traders digest mixed macro signals.
“The bull run is over,” John Glover was warned by per Yahoo FinanceGlover believes that the price of gold will retrace towards $70,000-$80,000, though he acknowledged short-term rebound toward $124,000 remains possible. Glover expects prices to retrace toward $70,000–$80,000, though he acknowledged short-term rebounds toward $124,000 remain possible.
The Bitcoin price is not in a full-blown bull market
Other people see this as a good reset. VanEck ChainCheck report called the pullback The aforementioned “liquidity-driven mid-cycle adjustment,” Not a fully-blown bearish market. This firm cited normalized borrowing, on-chain activity that has remained steady, and Bitcoin’s role as a hedge to fiat currency devaluation.
Analysts Matthew Sigel and Nathan Frankovitz noted that global liquidity — measured through M2 money supply — still explains more than half of Bitcoin’s price movements, underscoring its macro sensitivity.
VanEck claimed that Asian trading times have become increasingly influential in global trends. The October drop was attributed to tighter liquidity across Asia, as central banks defend currencies.
Open interest for futures fell from its peak of $52 Billion to a more normalized amount, clearing out speculative excess. This could be a point where re-entry is possible.
Still, Standard Chartered’s Geoffrey Kendrick remains bullish. He expects a dip Below $100,000 “inevitable” in the short term — but views it as a buying opportunity, maintaining his $200,000 year-end target and a long-term forecast of $500,000 by 2028.
ETFs amplify the uncertainty. U.S. Bitcoin exchange-traded funds saw Ethereum ETFs saw a further $19 million loss on Wednesday. This indicates a waning institutional appetite.
But just yesterday, T. Rowe Price, one of the largest U.S. asset management firms, filed with the Securities and Exchange Commission (SEC) to launch a cryptocurrency-focused ETF.
ETFs are proposed to be used for a variety of purposes. track The ten biggest U.S. listed cryptocurrencies, ranked by their market capitalization and meeting SEC standards for listing.
“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: bitcoinmagazine.com
