In the eyes of many analysts and enthusiasts, Bitcoin has matured in a significant way as it tops previous all-time highs of $60,000 set years ago.
Most recently, BTC has fell back to around $62,000 at press time, after cresting all-time highs of $67,000.
At Cointelegraph, writer William Suberg cites rising inflation as one of the prime factors in Bitcoin’s rally.
Long seen as a safe harbor resource for investors, Bitcoin tends to benefit from dollar inflation, and now, with what many see as reckless Fed spending, there’s a giant exodus toward new types of long term investments.
Suberg cites BTC/USD “decoupling from macro moves” and a “relentless spot bid” for Bitcoin.
“As bearish calls began to surface, however, Bitcoin was in no mood for abandoning its new trading zone,” Suberg writes of recent BTC activity, “even as analysis argued that even $50,000 would still constitute solid price action.”
Enthusiasts like Michael Van de Poppe suggests Bitcoin will reach six figures within just a few quarters, but the BTC fan has been bullish for a long time.
“In a new tweet, Van de Poppe tells his 192,000 followers that he expects Bitcoin (BTC) to end the bull market with a price tag between $350,000 and $450,000,” reported Daily Hoidl staff as early as last April. “From BTC’s current value of $58,427, the trader’s apex target represents an upside potential of over 670%.”
Others are also setting their sights upward.
“Will another Fortune 500 company announce bitcoin on their balance sheet during this earnings season?” crypto buff Anthony “The Pomp” Pompliano tweeted earlier today, issuing a poll for followers.
One of the other big influences in BTC rallies is the quick acceleration of the entrance of Bitcoin ETFs into the American market.
For months and even years, we reported on the SEC’s slow walking of these types of on-ramp funds.
Now, the first Bitcoin ETFs are set to hit the market soon, with Van Eck’s original ETF proposal also succeeding.
Other indicators exchange selloffs and the “crypto fear and greed index” – take a look and do your research on predictive BTC moves.
