Analysts suggest that Bitcoin may experience further gains in the upcoming weeks after achieving a new record high on Sunday.
According to crypto analyst ‘CrediBULL Crypto’, “With new ATHs established in an aggressive manner, the next leg towards $150k+ has started,” following Bitcoin’s rise to a historic high of $125,700.
The analyst noted that we will “blast through” this current level, hinting at another high this week, although he didn’t discount the possibility of a pullback to the $108,000 to $118,000 range.
“Dips into that zone of $108 to $118k are a blessing if we encounter them – and if not, then enjoy the ride to $150k+.”
Long-term crypto trader ‘Crypto Chase’ supported this view, predicting on Sunday that “a new leg up seems probable.” He added that if Bitcoin remains strong, “the pullbacks will be minimal at best.”
Hyperliquid whale trader James Wynn remarked, “I feel like BTC is on the verge of another ATH within hours,” adding, “I believe price discovery mode has initiated. This has taken time due to price suppression, as gold and stocks have garnered most attention.”
Meanwhile, Bitcoin has just registered its highest weekly close ever at $123,543, according to TradingView.
Impact of US Government Shutdown
The recent 11% surge is attributed to several factors, including the US government shutdown that began on Oct. 1.
Jeff Mei, chief operating officer at the BTSE exchange, informed Cointelegraph that “Due to the US government shutdown and other monetary pressures, investors might see Bitcoin as a safe haven, presenting another option to diversify away from the US dollar and Treasurys.”
He noted that as the US dollar depreciates—and may continue to depreciate if interest rates drop further—it is sensible for investors to allocate more capital to other currencies and Bitcoin.
Related: Bitcoin achieves all-time high as the USD is on track for its worst year since 1973: Analyst
Bitcoin’s record high aligns with the US dollar’s worst performance in decades. The US Dollar Index, measuring the dollar against various currencies, has decreased over 12% since the start of the year.
ATH Fueled by ETF Flows
In the meantime, venture capital investor Will Clemente stated that the significant Bitcoin movement was not spurred by digital asset treasuries or derivatives trading but by spot exchange-traded funds, which were “considering BTC as a rotation from commodities and small caps.”
In the US, spot Bitcoin ETFs had “incredible numbers” last week, with $3.2 billion in inflows, marking their second-best week since inception, as noted by Nova Dius President Nate Geraci.
Positive Seasonality
The combination of these factors and bullish seasonality—BTC has risen in 8 out of 12 past fourth quarters and 10 of the last 12 Octobers—could prompt another rally this month.
“It’s incredibly impressive that we ascended from $110K to $125K in just a week,” commented crypto YouTuber Michaël van de Poppe on Sunday.
Charles Edwards, founder of Capriole Investments, speculated last week that Bitcoin’s breakthrough above $120,000 would result in a ‘very rapid move’ to $150,000.
Magazine: Bitcoin may swiftly reach ‘very quick’ $150K, raising altseason concerns: Hodler’s Digest
