Bitcoin reached $66,000 this week marking its highest level since July 31 when it crossed that mark at $66,000. The surge in altcoins and equities matches this recovery pattern. Both the Dow Jones and S&P 500 indices have hit their highest levels as the Nasdaq 100 approaches its previous record.
Miles Deutscher shared in his X an update that BTC could climb all the way to $81.000 in the next few weeks.
Deutscher indicated that the S&P 500 index recording main American enterprises has risen by 9% since reaching its highest point this year. He shared with his 541 thousand followers that if BTC acts in a comparable manner it could exceed $81.000.
Experts Predict Bitcoin Surge
Multiple professionals agree with this optimistic view. In a September 17 report. BlackRock called Bitcoin a unique asset for diversification.
The company stressed that BTC acts like a distinct asset compared to equities during high-risk times. As BlackRock enhances its BTC assets other financial institutions may choose to do the same.
MicroStrategy keeps on gathering Bitcoin. According to the founder of MicroStrategy Bitcoin might reach $13 million by 2045. As of today MicroStrategy commands over 252 thousand BTC.
Often seen as a supporter of BTC and owner of MC Consultunacy Michael van de Poppe expressed the excitement. He envisioned Bitcoin’s price could reach $90-$100K by year’s end based on rising global liquidity and possible interest rate reductions from central banks.
According to the data from CoinGlass the fourth quarter usually produces gains of around 88%, a marked difference from the averages of 6.3% and 27% for the third and second quarters respectively. In the past,October and November proved to be robust months for the cryptocurrency.
Bitcoin’s daily chart reflects a bullish signal with an inverse head and shoulders formation on a technical level. The cryptocurrency has passed over the bearish death cross pattern and has gone above the 50-day and 200-day moving averages.
To keep its climb strong Bitcoin will have to exceed the upper edge of the present wedge and reach a new high of $73,777. Achieving this may hasten its recovery and lift prices upwards.
