Bitcoin is on the verge of hitting a new all-time high of $130,000 this week, driven by technical and macroeconomic factors, creating a bullish climate among traders in the cryptocurrency market.
Market analysts highlight significant institutional inflows and technical support levels as key drivers, suggesting potential for further price increases and sustained interest in Bitcoin investment.
The price of Bitcoin has been steadily climbing toward the $130,000 mark, driven by a mix of technical and market factors. Strong ETF inflows exceeding $300 million daily are fueling this upward momentum, sparking significant investor interest.
Key market figures like Michael van de Poppe have noted Bitcoin's potential to break prior resistance levels. Bitcoin's recent performance has been described as strong, with crypto insiders expressing confidence in its trend. The support from institutional investors has been pivotal.
Bitcoin's $130K Milestone Could Shift Market Norms
The increase in Bitcoin's value has generated buzz within the crypto community. Analysts observe that achieving the $130,000 milestone could establish new market norms. Positive ETF trends are instrumental, with no regulatory hurdles currently affecting this trajectory.
Historical patterns show October as a bullish month for Bitcoin. Analysts expect the trend to encourage further institutional investments. If Bitcoin sustains growth, it could lead to increased demand across the crypto market, with data suggesting steady interest.
October's Bullish Trends Mirror Historical Bitcoin Gains
October has historically been a period of robust growth for Bitcoin, showcasing gains in 10 of the last 12 years. Record-breaking performances have often followed all-time high rejections, which Bitcoin seems to be echoing now.
Experts underscore the sustained ETF inflows as a critical driver of this momentum. Historical data suggests this trend aligns with past bullish cycles, making the projected $130,000 target plausible by mid-October. Market analysts remain optimistic.
Michael van de Poppe, Macro Analyst, - "BTC’s ability to hold the 20‑week moving average as support, breaking through a downtrend at $112,000, and positioning for the highest weekly close in its history": source