Following a new all-time high of around $125,700 recorded on October 5, crypto analyst CrediBULL Crypto stated in a post on X that Bitcoin appears to be entering the next upward phase.
He noted that while a drop between $108,000 and $118,000 could still occur, it would likely be temporary. If the decline happens, he views it as a chance for investors rather than a concern.
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A similar perspective was offered by Crypto Chase, a long-term market participant, who said that unless there is a big shift in conditions, any pullbacks should be relatively small.
James Wynn, a trader known for large positions on the Hyperliquid platform, stated that Bitcoin may set another record. He pointed out that interest in traditional markets, such as gold and stocks, has long overshadowed crypto.
The increase in Bitcoin’s value does not appear to be coming from short-term trades or company treasuries, according to Will Clemente.
Instead, he suggested that demand is being driven by US-based spot Bitcoin exchange-traded funds (ETFs), which are being used as alternatives to investments in commodities or smaller stocks.
Arthur Hayes, co-founder of BitMEX, recently argued that upcoming challenges for Europe’s financial system may push Bitcoin to higher levels. What did he say? Read the full story.
