Bitcoin prices have significantly increased in recent days, reaching a level of $122,000, generating substantial interest and discussion among analysts and traders.
Last Bitcoin Surge Before Peak
Bitcoin prices surged by 3% within hours on August 11, allowing for a recovery above the $122,000 psychological level. This came as bulls gained dominance in the market after a key Bitcoin options expiry last week.
Analysts' Future Predictions
Analyst Benjamin Cowen predicted that this is the last upside move for Bitcoin before peaking in the fourth quarter of 2023. He noted that historically, Bitcoin demonstrates similar patterns following each halving year, with July and August often being positive months for prices. Analysts expect the peak could be hit in October or November 2023.
Demand for Bitcoin and Position Liquidations
The timing of Bitcoin's price increase coincided with a rise in new Bitcoin addresses, indicating growing investor interest. As of writing, Bitcoin was trading at $122,075, with a trading volume increase of over 28%. In the last 24 hours, nearly $60 million in short positions were liquidated, further highlighting significant trader interest.
The rise in Bitcoin prices and increased investor interest may indicate continued positive market dynamics in the coming months, although analysts warn of potential corrections.
