Bitfinex analysts say Bitcoin could reach a new all-time high following the US election, with market conditions forming a “perfect storm” for a major price push.
Bitcoin Price news
Deficit spending and lower interest rates have boosted global liquidity higher, benefiting Bitcoin and related markets, Blockware’s Mitchell Askew said.
Bitcoin has topped $70,000, its highest price since June after US-based ETFs surpassed total joint lifetime net inflows of over $22 billion.
Bitcoin price rallies as traders react to geopolitical and economic uncertainty, as the potential outcome of the upcoming US election.
The investment manager’s long term model puts BTC’s price at roughly $3 million by 2050.
Bitcoin ETFs are recording solid buying, a sign that traders believe to be an indicator that BTC will break through the range highs.
Bitcoin is showing strength by holding tight to the $68,000 level, but a run to new all-time highs will require one key component.
Bitcoin hovers around $68,000 as US election uncertainty mounts, but a bullish breakout hints at a potential surge to $100,000.
Analysts expect Bitcoin’s price consolidation to end soon, paving the way for a “huge move” upward.
Bitcoin is dropping bullish hints left and right as the “Uptober” monthly close, US Presidential Election and Fed interest rate decision draw near.