Bitcoin’s Bullish Trend Could Be a Good Time to Invest
Bitcoin is elevated today and could reach a new record high in the nest few days as several factors work in its favor.
Crypto token Bitcoin (BTC) is elevated today, gaining 2.70% compared to yesterday as it hits $70,840 (BTC/USD).
The coin is not far from its record high and could set a new record before the end of the week. It is more likely that Bitcoin will reach a new high early next week, as it may run into some slowdown over the next few days.
Investors are bullish on Bitcoin right now, with trade volume staying above $37 billion over 24 hours. For the last week, Bitcoin has gained 4.09%, and it only needs a 3.81% increase to hit its all-time high. This is why we can say with confidence that if the coin continues on its current trend, we will see a new record for Bitcoin very soon.
Past Performance
Bitcoin did set a new record earlier this year, hitting a high of $73,750 just three months ago. What we saw happen at that point was shortly after the coin hit that new record, surpassing the old one, it quickly fell. The coin dropped from $73K to $61K in just a few days.
This trend could repeat itself if Bitcoin hits a new high in the next few days. We could see investors sell their bitcoins quickly in an attempt to make a profit, holding the token back from an even greater upward surge.
Factors to Consider
Any price prediction for Bitcoin needs to take into consideration a few key factors that could affect its trajectory. The most powerful of those over the long term will be inflation, which is still high and may remain so for the coming months. That elevated inflation level will keep investors back from making risky investments and from waiting for long-term gains.
Traders should also be aware of recent and upcoming economic data. ADP Nonfarm Employment Change will be released later today, which is predicted to decrease. Services PMI reports are coming out today as well, which are expected to show mixed results. Recent FOMC meeting data has retained a pessimistic view of inflation, and investors are going to keep that in mind as they weigh financial decisions.
On the plus side for Bitcoin is the recent approval of spot ether ETFs. This news has given the crypto market a boost, particularly Ethereum and Bitcoin. The cryptocurrency market is currently elevated, and that momentum could help propel Bitcoin forward to a new record.
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