Although Bitcoin stagnated after hitting a new all-time high on Wednesday, some strategists have begun to discuss whether the next round of rally can reach a higher level.After the US’s first Bitcoin futures ETF was officially listed, the price of Bitcoin is currently around $60,000, and traders are observing how the asset trend will change.
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As of press time, Bitcoin has fallen 2.78% during the day to $63,194.6, and it was close to $67,000 on Wednesday. Under this crazy trend, chart analysts began to look for a new target level-although not like the $168,000 or $1 million expected by some enthusiasts, the view is still very optimistic.
Fundstrat, an investment agency, wrote in a report on Wednesday: “Bitcoin’s initial target price after exceeding US$65,000 is close to US$72,500, followed by a target price of US$89,000. The market believes that Bitcoin breaks through its previous highs. Later, this goal is almost within reach.”
The market believes that Bitcoin hit a new high due to investors’ expectations for the first Bitcoin ETF in the United States, continued institutional investment in encrypted assets, and the increase in the so-called “whale” (that is, investors who hold a large amount of Bitcoin). Big investment. At the same time, many people predict that by the end of this year, Bitcoin is even expected to reach $100,000, including BitMEX CEO Alexander Hoptner.
In addition, Katie Stockton, founder of Fairlead Strategies, also stated on Monday (before Bitcoin’s latest record) that the price breaks through new highs will provide a positive long-term trend. Based on measured trend forecasts, Bitcoin’s target price should be $89,800.
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