Bitcoin Price Prediction after Token Settles above $123K
Bitcoin is still close to a record high after a minor decline on Tuesday, and it could still hit $150K this year.
Quick overview
- Bitcoin reached a new record high above $126K before settling at $123,745, indicating strong support at this elevated level.
- The cryptocurrency has shown a bullish trend, gaining 98% over the past year and 1.64% in the last day.
- Analysts suggest that Bitcoin could continue to rise, with potential to reach $150K by the end of the year due to high consumer sentiment and significant ETF inflows.
- Current market conditions indicate that Bitcoin may climb to $130K soon, enhancing its chances of hitting the $150K mark.
After setting a new record high above $126K on Monday, Bitcoin (BTC) dropped to $123,745 (BTC/USD) on Wednesday, signaling strength at the new, higher level.
Bitcoin is still looking bullish even after falling from its record high. The fact that that coin has settled well above $123K and is above its Tuesday retreat low bodes well for the coin moving forward.
BTC/USDThe upward trend for Bitcoin should continue, according to multiple analysts. The coin added 98% over the last 12 months and 1.64% over the last day, so it is firmly bullish with no indicator that the coin is headed into bearish territory.
How High Can Bitcoin Go?
It appears for now that there is no ceiling for Bitcoin and it could conceivably keep on growing indefinitely. Consumer sentiment is high for cryptocurrency at the moment, and it could ramp up as the year comes to a close. We saw extraordinarily high consumer interest in crypto last year around this time, and while there is no election to create a repeat, we are drawing close to the time of year where investors make their end-of-year financial decisions.
Analysts are looking for signs of overheating- that the coin is going too hot too fast- but that does not appear to be the case with Bitcoin at this time. Consumer sentiment for cryptocurrency has been elevated since the government shutdown, and we are now in the second week of that shutdown with no indication that the bullish market is abating.
We are seeing substantial inflows for Bitcoin ETFs, with $875 million recorded for Tuesday and more than $1,200 recorded for Monday. That makes this week one of the most significant periods for inflows so far.
The sky is the limit for Bitcoin right now, and the possibility of the coin hitting $150K before the end of the year is certainly higher than it was last month. Bitcoin has not had much success lately hitting a record high until early this week, and with bullish sentiment high, the coin could easily propel from its current position and climb much higher very quickly.
Because we have seen little retreat from the last record high, Bitcoin could potentially climb to $130K by sometime next week. If it does, that would dramatically increase its chances of achieving $150K by December.
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