Since October 28, bitcoin hasn’t broken the $62K resistance level. Finally, it happened. The rally will lead BTC to over $67K, experts say.
After the start of trading on bitcoin futures ETF, players expected a powerful rally to begin. But the rise in BTC has not been so high. Obviously, investors were careful and were biding their time. This led BTC to consolidation. Finally, the period of consolidation for bitcoin is over, according to the popular trader and analyst Pentoshi.
In his opinion, the price below $62K was the last opportunity for investors to buy lows this year. Further, the rally will only intensify and will lead BTC to $100K by the end of the year. This forecast is supported by another analyst TechDev. In addition, he indicates that the long-term trend remains upward.
Crypto-trading company QCP Capital notes that cryptocurrency investors see this investment as a kind of investment in startups, with the potential for large returns as the startup grows. According to QCP Capital, “Crypto is still under-owned and there is still a large knowledge gap.” Therefore, even taking into account the strong volatility of bitcoin, it will rise in the long term.
Highly likely the trigger for the breakout above $63K was the statement by US Senator Cynthia Lummis in favor of the first cryptocurrency. In her opinion, expressed on CNBC, bitcoin has proven that it is the standard for decentralized cryptocurrency. This cannot be said about altcoins, many of them have yet to prove their decentralization. The Senator stated:
– I do think that bitcoin is here to stay, and I think a lot of the others are not. Bitcoin is the standard. Everything else has to be monitored differently because they are created differently.
Cynthia is known as a bitcoin stakeholder for a long time. She previously stated that the adoption of cryptocurrencies in the US is inevitable due to the depreciation of the dollar, and admitted that she bought BTC lows at about $35K in June. The senator is confident that just before the end of the year, her investments will bring her 100% profit.
Bitcoin may rise above $70K in the near future according to the report by JPMorgan analysts. Meanwhile, experts believe that BTC is now oversold, and the fair price of the asset is about $35K. Bitcoin could rise to $73K if its volatility is halved. Now, according to JPMorgan, the volatility of bitcoin is 4 times higher than the volatility of gold.