Making a move above $57,000 Bitcoin (BTC) sets a bull case scenario with an expected price target of $100K. Altcoin traders have also started moving to BTC in the prediction of a “Bitcoin season”.
It has been a strong start to the week for Bitcoin investors. On Monday, October 11, the BTC price surged past $57,000 and now is just 15% away from its previous all-time high.
Since the beginning of October, BTC has been gaining strength as Q4 has historically been the best performing quarter for Bitcoin. As of press time, Bitcoin is trading at $56,816 with a market cap of $1070 billion. So far in October, the Bitcoin (BTC) price is already up by 30%.
There have been multiple reasons backing this rally. First is that analysts are quite optimistic about the approval of the first Bitcoin ETF in the U.S. Many crypto analysts also expect the Bitcoin ETF to arrive as sooner as this month.
After a solid altcoin rally, Bitcoin is now dominating institutional inflows taking place in BTC. As per the Coinshares report, institutional inflows in the crypto market totaled $226 million last week. The report also adds:
“Bitcoin saw inflows totalling US$225m, comprising a significant majority of the total. We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US. Our recent survey data also highlights greater institutional participation in the asset class”.
The institutional confidence shows that the Bitcoin rally can continue further going ahead.
Bitcoin (BTC) Price Scenario Going Ahead
As we saw, Bitcoin investors have been showing confidence since the beginning of October. The BTC price also touched a five-month high on Monday moving past $57,000. Asper the charts shared by crypto analyst Michael Van De Poppe, Bitcoin will have to overcome two resistances before surging to its all-time high.
Still standing behind this scenario on #Bitcoin. pic.twitter.com/Xw2GMZEKS2
— Michaël van de Poppe (@CryptoMichNL) October 11, 2021
On the other hand, after a solid rally in august, altcoins have now entered correction and consolidation. Thus, there’s bullish anticipation for the upcoming “Bitcoin season”. On-chain data provider Santiment also reports that altcoins traders are temporarily making portfolio-weighted Bitcoin allocations.
📈 With #Bitcoin's price dominance converting #altcoin traders temporarily back to $BTC-weighted portfolio allocations, sentiment has turned mildly euphoric. With positivity scores surging, watch to see if the threshold moves into #FOMO danger territory. https://t.co/GnfV2tDtUc pic.twitter.com/15v3NOSCAe
— Santiment (@santimentfeed) October 11, 2021
Bitcoin Preparing a Run to Its New all-Time High – Up to $100K
Many crypto market analysts are confident that Bitcoin is preparing for a run-up to $100K levels. A CoinTelegraph report recently confirms this citing a technical pattern dubbed Bull Pennant. The publication explains:
“The setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.”
Thus, while measuring from the point of breakout ($48,200), the Bull Pennant’s upside target for BTC comes out to be another $50,000 i.e. to $100K.
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