Analysts suggest Bitcoin may see further advancements in the coming weeks after achieving a new all-time high on Sunday.
“With new ATHs established in an impulsive manner, the journey to $150k+ has commenced,” said crypto analyst ‘CrediBULL Crypto’ after Bitcoin’s (BTC) rise to a record high of $125,700.
The analyst stated we’ll “blaze past” this current level, implying another peak could occur this week, although they did not dismiss the possibility of a pullback to the $108,000 to $118,000 range.
“Dips into the $108 to $118k area are a blessing if they happen – and if not, enjoy the ride to $150k+.”
Long-term crypto trader ‘Crypto Chase’ shared this view, forecasting on Sunday that “a new upward movement seems likely.” They further noted that if Bitcoin remains robust, “the pullbacks will be minimal at most.”
“I feel BTC is on the verge of another ATH within hours,” said Hyperliquid whale trader James Wynn, adding, “I believe we have entered price discovery mode. It has been delayed due to price suppression, with gold and stocks commanding the focus.”
Bitcoin recently achieved its highest weekly close ever at $123,543, according to TradingView.
Impact of US Government Shutdown
Multiple factors, including the US government shutdown that started on Oct. 1, have been tied to the 11% surge in the past week.
“Due to the US government shutdown and other monetary pressures, investors may view Bitcoin as a safe haven, providing a way to diversify away from the US dollar and Treasuries,” stated Jeff Mei, chief operating officer at the BTSE exchange, in an interview with Cointelegraph.
He mentioned that as the US dollar depreciates and could depreciate further should interest rates drop, “it makes sense for investors to allocate more capital to alternative currencies and Bitcoin.”
Related: Bitcoin reaches all-time high while USD faces worst year since 1973: Analyst
Bitcoin’s record high coincides with the US dollar experiencing its poorest performance in decades. The US Dollar Index, measuring the dollar against a collection of currencies, has decreased by over 12% since the start of this year.
ATH Influenced by ETF Flows
Meanwhile, venture capital investor Will Clemente remarked that the significant Bitcoin movement was not propelled by digital asset treasuries or derivatives trading, but rather by spot exchange-traded funds, which were “viewing BTC as a rotation from commodities and small caps.”
Last week, spot Bitcoin ETFs in the US experienced “extraordinary numbers” with $3.2 billion in inflows, marking their second-best week since inception, noted Nova Dius President Nate Geraci.
Seasonal Bullish Trends
The blend of these factors and favorable seasonal trends — BTC has risen in 8 out of the past 12 fourth quarters and 10 of the previous 12 Octobers — may spur another rally this month.
“It’s remarkably powerful to go from $110K to $125K in just a week,” expressed crypto YouTuber Michaël van de Poppe on Sunday.
Last week, Capriole Investments founder Charles Edwards projected that Bitcoin’s rise above $120,000 would trigger a ‘very swift move’ to $150,000.
Magazine: Bitcoin may move ‘very quickly’ to $150K, altseason doubts: Hodler’s Digest
