According to Katie Stockton of Fairlead, Bitcoin could rise another 38% after hitting the record high of $65,000. Katie Stockton of Fairlead Strategies said that Bitcoin’s new record Wednesday set the cryptocurrency for more gains. cryptocoin.com We are looking at the details of the analyst’s views.
Is the road clear for Bitcoin?
The analyst believes that if Bitcoin manages to see consecutive daily closes above the previous resistance at $65,000, the cryptocurrency will target $89,800. “There is room for long-term overbought levels that support additional bullishness in the coming months,” Stockton said. According to Katie Stockton of Fairlead Strategies, Bitcoin’s historic rise on Wednesday is preparing the cryptocurrency for more gains. The price surged above the previous record high of $65,000 on Wednesday, a day after the launch of a Bitcoin futures ETF, which saw the second largest ETF launch in history when measured by trading volume. Bitcoin hit a new high at $67,016.50, pushing its monthly gains over 50% in October.
If Bitcoin manages to see consecutive daily closes at $65,000 above former resistance, Stockton believes the cryptocurrency will target $89,800, which represents a potential increase of 38% from the breakout. “There is room for long-term overbought levels that support additional upside support in the coming months,” Stockton wrote in a note on Monday. According to the note, momentum in Bitcoin remains positive across all timeframes, with the cryptocurrency outperforming other cryptocurrencies like Ether since early September.
What effect does it have on the overall rise?
He said that backed by the rising 200-day moving average and bullish momentum indicators, investors can expect a continued rise in Bitcoin, which could build on the risk-taking sentiment among investors and help the overall stock market rise. 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 Director of Macro, Jurrien Timmer expects to meet by 2023. Meanwhile, Fundstrat’s Tom Lee said that Bitcoin could hit $168,000, partly due to the launch of the Bitcoin futures ETF, as the supply of cryptocurrencies is outstripped by demand.
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