After a few turbulent weeks, the Bitcoin price has remained stable at $111,000 but TD Cowen analyst project that it could rise to $141,000 in December.
In a Monday note, the company highlighted that the recovery of crypto-markets after recent crashes was a testimony to the resilience in the wider crypto and bitcoin ecosphere.
It is important to note that the word “you” means “you”. flash crash The largest ever single-day crypto event, which triggered approximately $19 billion of liquidations earlier in the month. TD Cowen stated that despite this massive sell-off most exchanges remained fully operational, demonstrating how the market can absorb shocks. according The following are some of the ways to get in touch with us: The Block reporting.
Initial downturns were triggered by U.S. president Donald Trump confirming a tariff of 100% on Chinese imports, which caused the crypto market to drop more than 10%.
While less-reputable tokens suffered heavy losses, major digital assets like Bitcoin did well — Bitcoin briefly fell 15% before closing down just 8% on the day.
“Though it was the largest single-day liquidation ever, with open interest halved across venues, most crypto exchanges operated with little or no downtime,” The note was read.
Bitcoin adoption worldwide
The analysts at TD Cowen ascribe the incident not just to the market’s resilience but to global adoption. For example, in Japan the number of digital asset accounts registered has quadrupled during the past five-year period, and now stands at more than 7.9 millions.
Adoption has surged in recent years. prompted Japan’s Financial Services Agency will reconsider long-held restrictions against banks investing in digital currencies such as Bitcoin.
Bitcoin prices rose to about $111,000 this morning after dropping into the $104,000 range in last week. renewed corporate accumulation Market sentiment was lifted by the optimism that the U.S. shutdown could be over.
Bitcoin ended September in the same range as it was at that time, but before it experienced a flash crash it reached all-time records early on October.
Price of Bitcoin in a Gridlock
Experts believe that bitcoin is in a state of resistance. now sits at $112K, $115.5K, and $117.6K, with a convincing break above $122K needed to shift the bias back to bulls, while support below $105K could fail, with stronger levels at $98K–$96K.
It is possible that the coming week will see modest price increases, but if prices fail to stay above $106,9K, they could fall below $100K, particularly if FOMC doesn’t deliver any significant rate cuts.
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Source: bitcoinmagazine.com
