Bitcoin Price Prediction after Token Hits $69K
Bitcoin is climbing this month, having a much better last half than first half of October, and could be headed to a new high.
On Monday, Bitcoin (BTC) soared above its recent range and hit $69,212 (BTC/USD), prompting hopes that it would set a record high very soon.
The token has been trading around the $66.5-67.5K range over the past week, but today’s surge marks its first time past $69,000 since October 20th. That the coin has been able to achieve such a high mark twice in such a short period of time could indicate that it is getting ready to climb higher and break out of its current range.
Several factors are spurring Bitcoin to these highs, including the Chinese stimulus plan, the recent Federal Reserve interest rate cut, and gold prices, which have recently climbed. Bitcoin and gold are both considered safe haven assets because of how their value is often independent of fiscal currency.
Even recent fighting in the Middle East could be helping Bitcoin in some ways, since the coin is not as heavily influenced by tensions there as a commodity like gas would be. The US dollar and the stock market can suffer when war breaks out in a country that is allied to the United States, but Bitcoin is bought and sold globally, which means it is less influenced by US policy and economics than the US stock market or the US dollar.
How High Will Bitcoin Go?
Bitcoin is showing signs of moving higher overall right now compared to earlier in the month. For the first half of October, Bitcoin traded between $60K and $63K on average. The price was very volatile compared to the last half, and that all changed on October 13th. From there, Bitcoin shot up from $62,600 to $67,600 in just two days.
The last half of October has seen Bitcoin trade between $65,311 and $69,219. That higher range has held much steadier than it did for the first half, demonstrating less volatility. It looks to us like Bitcoin is working on an upward trajectory and developing a new, higher support level.
We estimate that Bitcoin will break $70K in the next couple of days and then will move to a new all-time high by the middle of November. That is a bit slower than we previously expected the coin to set a new record, but if Bitcoin can achieve a record high anytime before 2024 ends, then that will be a big win for its investors.
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