The Bitcoin train seems never to stop.
Today Bitcoin has reached a historic maximum, exceeding its maximum previous of all times of $ 124,466. Bitcoin climbed more than 13% last week, quickly rebounding from $ 109,000 at the end of September to touch $ 125,750 Today, second Bitcoin Magazine Pro data.
The last time Bitcoin was close to these levels was in August.
There are several key drivers for the bullish reversal. Macroeconomic uncertainty – including the arrest of the government of the United States in progress – brought investors to alternatives such as Bitcoin, historically seen as a coverage against traditional financial risks.
Geoffrey Kendrick, head of the digital resources of Standard Chartered, believes that the role of Bitcoin as a safe refuge is amplified by the tax block in Washington.
This event was also supported by the so-called “uptober” seasonality-a term trader that the workers use to describe the typical model of strong gains of October of Bitcoin.
In the last decade, the month has produced medium returns above 21%, often supporting the bases for out -of -measure performance of the fourth quarter. Since 2015, Bitcoin has recorded an average of a gain of almost 58% in the fourth quarter, overlapped any other three -month period.
The institutions seem to play a role also in this jump, with an increase in flows in funds negotiated in exchange and digital custody services that report appetite renewed by retail investors and professionals.
Where is Bitcoin direct?
Bitcoin has exchanged laterally in recent months, but the liquidity key indicators have suggested that this breakout was coming. Global growth of M2, Stablecoin’s supply trends and Gold-Che Bitcoin rally strictly traced with a 40-day delay on the tutti aimed upwards.
JPMORGAN analysts think Bitcoin is underestimated compared to gold, estimating a theoretical rise to $ 165,000 if the “degradation trade” – which invests in activities that cover the risk of Fiat currency – continues.
Market observers, such as Kendrick, are lifting their objectives in response to the Bitcoin rally, with some forecasts asking that prices exceed $ 135,000 in the short term and possibly reach $ 200,000 by the end of the year if current trends continue.
At the time of writing writing, Bitcoin is exchanged at $ 123,319.82.