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Bitcoin could beryllium poised for further gains successful the weeks up aft clocking a caller grounds precocious connected Sunday, according to analysts.
“Now that we’ve made caller ATHs successful an impulsive manner, the adjacent limb to $150k+ has begun,” opined crypto expert ‘CrediBULL Crypto’ connected Sunday pursuing Bitcoin’s (BTC) surge to a record high of $125,700.
The expert said we’ll “blast through” this existent level, suggesting that different precocious could travel this week, though didn’t regularisation retired a pullback to the $108,000 to $118,000 zone.
“Dips into that portion of $108 to $118k are a blessing if we get them - and if not, good past bask the thrust to $150k+”Long-term crypto trader ‘Crypto Chase’ echoed the sentiment, predicting connected Sunday that “a caller limb up seems likely.” If Bitcoin is genuinely strong, “the pullbacks volition beryllium insignificant astatine best,” they added.
“I consciousness similar BTC is astir to spot different ATH wrong hours,” said Hyperliquid whale trader James Wynn, who added, “I judge terms find mode has started. It’s taken a agelong clip owed to terms suppression, and golden and stocks are grabbing each the attention.”
Meanwhile, Bitcoin had conscionable printed its highest play adjacent successful past astatine $123,543, according to TradingView.
BTC cools from its Sunday ATH aft grounds play candle. Source: TradingviewUS authorities shutdown effect
Several factors person been attributed to the 11% surge implicit the past week, including the US authorities shutdown, which began connected Oct. 1.
“We deliberation that due to the fact that of the US authorities shutdown and different monetary pressures, investors could beryllium seeing Bitcoin arsenic a harmless haven, giving them different conveyance to diversify distant from the US dollar and Treasurys,” Jeff Mei, main operating serviceman astatine the BTSE exchange, told Cointelegraph.
He added that the US dollar is depreciating and is apt to depreciate adjacent much if involvement rates diminution further, “it lone makes consciousness that investors allocate much superior to different currencies and Bitcoin.”
Related: Bitcoin hits all-time precocious arsenic USD connected way for worst twelvemonth since 1973: Analyst
Bitcoin’s grounds precocious comes astatine the aforesaid clip arsenic the US dollar is seeing its worst show for decades. The US Dollar Index, which measures the US dollar against a handbasket of currencies, has declined by much than 12% since the opening of this year.
ATH driven by ETF flows
Meanwhile, task superior capitalist Will Clemente said the large Bitcoin determination wasn’t driven by integer plus treasuries oregon derivatives trading, but spot exchange-traded funds, which were “viewing BTC arsenic a rotation from commodities and tiny caps.”
Spot Bitcoin ETFs successful the US saw “ridiculous numbers” past week with $3.2 cardinal successful inflows, resulting successful their second-best week since launch, observed Nova Dius President Nate Geraci.
Bullish seasonality
The operation of these influences and bullish seasonality — BTC has gained successful 8 retired of 12 past 4th quarters and 10 of the past 12 Octobers — could pb to different rally this month.
“It’s incredibly beardown that we spell from $110K to $125K successful a azygous week,” said crypto YouTuber Michaël van de Poppe connected Sunday.
Last week, Capriole Investments laminitis Charles Edwards predicted that Bitcoin’s breakout supra $120,000 would pb to a ‘very speedy move’ to $150,000.
Magazine: Bitcoin whitethorn determination ‘very quick’ to $150K, altseason doubts: Hodler’s Digest
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