According to Katie Stockton, founder and analyst at global financial markets research firm Fairlead Strategies, bitcoinWednesday’s historic rise seems to set the cryptocurrency up for more gains.
Yesterday we witnessed the launch of a Bitcoin futures ETF, which saw the second largest ETF launch in history when measured by trading volume. One day after this event, the Bitcoin price rose above the previous record level. The leading asset thus increased its monthly gains over 50% for the month of October.
If Bitcoin manages to see consecutive daily closes above the former resistance at $65,000, Stockton said. cryptocurrency believes its unit will target $89,800, which represents a potential increase of 38%.
According to Stockton’s note on Monday, the momentum in Bitcoin remains positive across all timeframes, with the cryptocurrency outperforming other coins like ETH since early September.
The analyst said that backed by the rising 200-day moving average and bullish signals, investors can expect a continued increase in Bitcoin. He also added that this would stimulate risk-taking sentiment among investors and could help lift the overall market.
Stockton is not the only analyst to make very high price predictions for Bitcoin. The close to $90,000 technical price target is just below the $100,000 price projection that Fidelity’s Macro Director Jurrien Timmer expects to meet by 2023.
Fundstrat’s Tom Lee also said that due in part to the launch of the Bitcoin futures ETF, the supply of the coin may be outstripped by demand, which could see Bitcoin hit $168,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.