Some analysts believe that Bitcoin could hit the $ 70,000 mark in December.
Bitcoin has risen by 12% in the last seven days. Fluctuations in prices are not unusual given the recent surge in volatility.
The BitVol Index, which measures the 30-day implied volatility of bitcoin options prices, has jumped more than 10% in the past 10 days.
Some analysts have linked Bitcoin's decline to the proliferation of smaller cryptocurrencies. The broader altcoin market suffered losses and ultimately influenced the bitcoin sentiment.
“From a technical point of view, bitcoin cancover the two-week consolidation phase as a new short-term counter-trend signal emerged on Sunday, ”said Katie Stockton, founder of research firm Fairlead Strategies.
However, after consolidation, Bitcoin maytest the all-time high in the coming weeks as the cryptocurrency maintains a positive mid-term momentum. The market is seeing an influx of institutional investment amid optimism that the SEC will soon approve Bitcoin futures ETFs.
Based on Glassnode data, inRecently, there has been an increase in the volume of transactions with bitcoins, mostly over $ 10 million. During the previous rally to an all-time high, Bitcoin benefited from a similar increase in larger transactions, likely due to deep pocket traders taking long positions.
“Most analysts predict a recordthe maximum in November, with a possible continuation of the rally in January and February, ”said Roche Singh, CEO of cryptocurrency trading platform Quadency.
What's that, Katie Wood says bitcoin will be worth half a million dollars in general. In general, who is what is great. By the end of the year, 70 thousand look quite real.