Bitcoin's price surged above $68,000 on Friday. This rally has sparked a debate among various crypto analysts on social media.
Bitcoin price finally managed to conquer the important psychological level of $68,000 after several failed attempts. While some cryptocurrency analysts point to more BTC upside in the future, others predict a possible price correction.
According to Cointelegraph, the price of Bitcoin on Friday reached $68,431 with a slight increase of 0.14%. Bitcoin is currently trading at a market cap of $1,352,917,30,01.
Meanwhile, several cryptocurrency analysts have shared their views on Bitcoin's price trend after its latest price spike.
Bitwise's chief investment officer made predictions for the future of Bitcoin after the price of Bitcoin rose above $68,000. He expressed optimism that BTC could reach a six-figure price per coin.
Hogen mentioned in his recent tweet the factors contributing to the bullish sentiment in Bitcoin. He clarified that institutional interest, on-chain factors, and the macro economy could play a role in BTC's rally.
He said: We are approaching six-figure Bitcoin. ETF flows are picking up again, elections are approaching, deficits are unlimited (bipartisan agreement), economic stimulus is in place in China, global rate cuts are underway (Federal Reserve, European Central Bank), halving supply shock is starting to hit And the whales are piling up.
Many experts see the November US presidential election as another catalyst for the Bitcoin price rally. Additionally, the regulations surrounding BTC could add to the feasibility of this rally.
BlackRock recently applied for an ETF, and the world witnessed the approval of Bitcoin Options by the US Securities and Exchange Commission on October 18, 2024. These developments contribute to the greater acceptance of BTC.
On the other hand, popular cryptocurrency analyst Justin Bennett warned of a potential bearish trend in BTC price.
According to Bennett, the permanent market has largely driven the recent rally. This rally may not sustain a sustained breakout, especially with open interest near the previous high.
He suggested a possible pullback for BTC around $63,000. Bennett's comments point to a bullish bearish wedge pattern. He said that BTC could make a new high unless it experiences a price correction after a significant bounce, after which the price will decline.
This article is for informational purposes only. Investing in digital currencies is inherently risky due to price fluctuations. Readers should do their own research before making any investment decisions and can also consult with a cryptocurrency expert before investing in cryptocurrencies.
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