Bitcoin Price Prediction after Uptick to $109K
Bitcoin is up for now and could climb much higher but could be hurt by the rising trade tensions that are hurting the stock market now.
Quick overview
- Bitcoin briefly hit a high of $110,291 before settling above $109K, showing signs of recovery.
- Whale purchases have contributed to Bitcoin's recent gains, bringing public interest back to the cryptocurrency.
- Analysts predict Bitcoin could reach $115K soon, bolstered by positive stock market performance and ETF inflows.
- However, rising trade tensions between the U.S. and China may pose risks to Bitcoin's momentum.
Bitcoin is slowly making its way back up toward its previous highs and managed to briefly hit a high of $110,291 (BTC/USD) on Thursday before settling back down above $109K.
Bitcoin (BTC) is not quite bullish but at least it is holding onto its recent gains. The coin is far from its all-time high that occurred in early October, but it is not critically low either. Now, struggling with the $110K level, BTC seems to have some life in it this week.
Whales bought back short positions and helped push the digital token higher, bringing public interest back over Bitcoin after it fell to a dangerously low $104.7K. The good news is that the coin’s decline did not last long, and it has a strong chance to recover all of its losses very quickly.
Bitcoin Likely to Go Bullish
We expect Bitcoin to get a little boost from the stock market’s positive performance for Thursday and go into the weekend strong. Spurred by recent whale purchases, the coin could do tremendous numbers in the next few days and hit $115K before Monday. If it does, that will help to prove the coin’s resiliency and vivacity to investors who are on the fence about it.
This is still a good time to buy in on Bitcoin, even though it moved much higher from its $104K price. The coin has plenty of room between where it is and its all-time high. If Bitcoin’s resistance breaks, we could see a push toward $150K relatively soon. That would be partly thanks to the massive ETF inflows we are seeing, and investors should be aware of the potential for a breakout from the crypto market.
What will hold Bitcoin back, however, and what could dampen its prospects is the rising tensions between China and the United States over trade, tariffs, and exports. The United States is looking to seriously regulate and limit exports to China by the start of next month. That could put pressure on tech markets and hurt Bitcoin’s ability to retain its momentum.
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