Analysts believe Bitcoin is set for further gains in the coming weeks after achieving a new all-time high on Sunday.
“Having reached new ATHs in an impulsive manner, the next leg towards $150k+ is underway,” commented crypto analyst ‘CrediBULL Crypto’ on Sunday, following Bitcoin’s (BTC) rise to a record $125,700.
The analyst mentioned we’ll “push through” this current level, indicating that another high may be on the horizon this week, though a pullback to the $108,000 to $118,000 range cannot be dismissed.
“Dips into that $108k to $118k zone are advantageous if they occur – and if they don’t, enjoy the journey to $150k+.”
Long-term crypto trader ‘Crypto Chase’ shared the same view, predicting on Sunday that “a new leg up seems probable.” They added that if Bitcoin is genuinely strong, “the pullbacks will be minimal at best.”
“I believe BTC is on the verge of reaching another ATH shortly,” stated Hyperliquid whale trader James Wynn, who also noted, “I think price discovery mode has commenced. This has taken a while due to price suppression, and gold and stocks currently command attention.”
Simultaneously, Bitcoin registered its highest weekly close in history at $123,543, according to TradingView.
Impact of US Government Shutdown
Several factors have been linked to the 11% increase over the last week, notably the US government shutdown that commenced on Oct. 1.
“Due to the US government shutdown and various monetary pressures, we believe investors might see Bitcoin as a safe haven, offering a way to diversify away from the US dollar and Treasuries,” said Jeff Mei, COO of the BTSE exchange, in a statement to Cointelegraph.
He continued, stating that the US dollar is depreciating and is likely to decline further if interest rates continue to fall. “It makes sense for investors to allocate more capital to alternative currencies and Bitcoin.”
Related: Bitcoin reaches all-time high as USD faces worst year since 1973: Analyst
Bitcoin’s peak comes as the US dollar experiences its poorest performance in decades. The US Dollar Index, which tracks the dollar against a basket of currencies, has fallen over 12% since the start of this year.
ATH Driven by ETF Inflows
Conversely, venture capital investor Will Clemente pointed out that the significant Bitcoin movement wasn’t due to digital asset treasuries or derivatives trading, but rather spot exchange-traded funds, which are “viewing BTC as a rotation from commodities and small caps.”
Spot Bitcoin ETFs in the US recorded “incredible numbers” last week with $3.2 billion in inflows, marking their second-best week since launch, noted Nova Dius President Nate Geraci.
Bullish Seasonality
The combination of these factors and bullish seasonality—BTC has gained in 8 out of the past 12 fourth quarters and 10 of the past 12 Octobers—could result in another rally this month.
“It’s remarkably strong that we moved from $110K to $125K in a single week,” remarked crypto YouTuber Michaël van de Poppe on Sunday.
Last week, Capriole Investments founder Charles Edwards predicted that Bitcoin’s breakout above $120,000 would lead to a ‘very fast move’ to $150,000.
Magazine: Bitcoin could reach ‘very fast’ $150K, altseason concerns: Hodler’s Digest
