Analysts Evaluate Bitcoin's Prospects After New Record High

user avatar

by Giorgi Kostiuk

2 years ago

This week, Bitcoin hit a new all-time high. Analysts highlight the market's resilience against overheating and its potential for further gains.

Fundamentals and Analyst Opinions

According to Alex Thorn, Galaxy’s Head of Research, the Bitcoin market does not appear overheated from a fundamental perspective. Nansen analyst Aurelie Barthere concurs, emphasizing that surpassing the previous all-time high with heavy trading volume signals continued positive momentum.

Post-Election Bitcoin Interest Surge

Following Donald Trump's presidential election victory, traders have been eager to reinvest, contributing to the surge in crypto prices. Bitcoin's Open Interest in unsettled derivative contracts has also risen to new yearly highs. Meanwhile, steady funding rates suggest trader optimism.

Technical Forecasts and Economic Influences

Thorn believes Bitcoin and other cryptocurrencies will likely trade significantly above current highs over the next 12-18 months. Technical analysts predict Bitcoin could rally to $78,000 to $85,000. The U.S. Federal Reserve's recent rate cut may also positively influence crypto assets.

Bitcoin shows resilience and potential for further growth amid positive fundamental indicators and economic conditions. Analysts remain optimistic about its near-term prospects.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.