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    Bitcoin traders expect price pullbacks, but $73K remains the short-term target

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    Bitcoin’s record high of $73,679 is expected to be reached before 2024, despite potential short-term turbulence, according to Jonathan de Wet of ZeroCap. Analysts attribute the recent growth to the US’s increased demand for Bitcoin ETFs, with purchases exceeding daily issue rates. The cryptocurrency market, however, remains vulnerable to global events, such as the recent Iranian missile strike which saw Bitcoin’s price fall $4,000. Nonetheless, many see the current strength of Bitcoin as the start of a bullish period for crypto.

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    Analysts have set their sights on Bitcoin’s current record high of $73,679. It’s going strong after breaking $69,000, but keep in mind that it could still be a bumpy ride. So says Jonathan de Wet, the big gun at digital investment platform ZeroCap.

    Most everyone agrees Bitcoin is doing well right now. Crypto trader Jelle even stated we’re heading into new territory. Kelly Kallam, director at BitLab Academy, also pointed out that the last few months gave Bitcoin a chance to get back in the game.

    Of course, there are always risks. Mena Theodorou, co-founder at crypto exchange Coinstash, mentioned one: global events can lead to short-term dips. This happened in early October when Bitcoin’s price dropped $4,000 after an Iranian missile strike targeting Israel.

    Despite these risks, Bitcoin jumped over $69,000 for the first time since mid-June. It’s now sitting at $67,054. Theodorou notes this could be the start of a big week for the crypto market.

    So, what’s next? According to de Wet, once Bitcoin breaks $70,000 – a level it hasn’t hit since June 7 – we can expect it to shoot up to $72,000 real quick. But reaching a new high of $73,679 won’t be without struggles along the way. Nonetheless, he thinks Bitcoin will hit this level before 2024 is out.

    So why the sudden growth? Theodorou says it’s thanks to the US’s growing demand for spot Bitcoin exchange-traded funds (ETF). Over a five-day period in mid-October, Bitcoin ETF investors bought enough to make up for more than 10 times the daily issue of 450 BTC. This goes to show that investors are purchasing BTC faster than it can be mined. Sounds wild, right?

    Remember, folks, play it smart and do your homework before investing. Each move is a risk and solid research can help you decide what’s best for you.

    Source: Cointelegraph

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