Predicted Bitcoin (BTC) Valuation: Analyst Predicts a 70% Likelihood of Record Highs Within Two Weeks
In the dynamic world of cryptocurrency, Bitcoin continues to make headlines with its recent surge. Since September 9, U.S. spot Bitcoin Exchange Traded Funds (ETFs) have attracted a significant $2.8 billion in net inflows, signalling a revived demand for these investment vehicles.
Currently, Bitcoin is trading around the $117,000 mark, representing an 8.5% gain this month. This upward trend has not gone unnoticed by traders, who are bracing for what could be a defining stretch in Bitcoin's next bullish leg.
Technical indicators are aligning, suggesting that this could be more than just a temporary spike. The key price range for Bitcoin in the immediate term is $115,000-$120,000, with potential upside to $125,000-$130,000.
The intensified discussions about Bitcoin's price trajectory are partly due to the U.S. Federal Reserve's recent 25-basis-point rate cut. This move has led to a rapid repricing of risky assets, including Bitcoin. The seven-day basis in Bitcoin futures is running above the 30-day, a structure typically linked with bullish trends.
Furthermore, Bitcoin futures are trading at a consistent premium to spot, indicating a bullish sentiment among traders. On-chain flows reveal large net withdrawals from centralized exchanges during September, reducing the amount of available spot supply.
Growing futures open interest and increased spot volumes in the cryptocurrency markets are also indicators of this renewed interest in Bitcoin. Derivatives measures and exchange order flow suggest that traders are becoming more leveraged into directional bets, further fuelling the bullish sentiment.
Institutional demand remains a firm anchor for Bitcoin's price, providing a steady foundation for its continued growth. However, the macro move has reduced some short-term policy risk, leaving investors wondering if the Fed will cut rates further this year.
While there have been optimistic forecasts about Bitcoin's potential to reach new record highs, it is important to note that analyst Axel Adler Jr.'s prediction of a 70% chance of hitting fresh all-time highs within the next two weeks is not universally shared. As of now, there is no available information about an optimistic forecast by him for reaching new record highs within a specific timeframe.
In the meantime, Bitcoin's intraday behavior represents a tight but marginally upward session, with highs and lows grouped in the $116,000-$118,000 range. The Short-Term Holder MVRV Z-Scores for both 155-day and 365-day cohorts are hovering near zero, suggesting a balance between buying and selling pressure.
As always, it's crucial for investors to conduct their own research and make informed decisions based on their risk tolerance and investment goals. The cryptocurrency market, like any other, carries inherent risks and volatility.
Stay tuned for more updates as we continue to monitor Bitcoin's price movements and the broader cryptocurrency market.
Read also:
- Unveiling the Less-Discussed Disadvantages of Buds - Revealing the Silent Story
- Rapid Expansion in Organic Rice Protein Market Projected at 15.6% Through 2034
- The Virtual Commissioning Market is projected to exceed $4.86 billion by the year 2034.
- Kenya broadens economic zones featuring Olkaria's geothermal energy advantage
%20Valuation%3A%20Analyst%20Predicts%20a%2070%25%20Likelihood%20of%20Record%20Highs%20Within%20Two%20Weeks){kind=link}