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- Bitcoin (BTC) reached its new all-time high price over the weekend, but quickly fell below that level as profit-taking hit the market.
- An analyst has pointed out that the recent surge could be the next leg to the $150k level; however, he did not rule out the possibility of a pullback to $108k, which he described as a blessing.
Bitcoin (BTC) reached a new all-time high yesterday, October 5, after breaching crucial resistance levels to flip its bearish sentiment to bullish. Today, the price has marginally plunged below the $124k level as BTC finds a foothold at the $123k zone. Meanwhile, whale-selling pressure has eased, as noted in our recent coverage.
On the daily price chart, Bitcoin’s return has witnessed a 0.8% decline. However, its weekly and monthly gains are still in the positive zone with 10.9% and 11.8% surge respectively. Bitcoin’s market cap of $2.46 trillion now contributes 58.3% to the total market valuation. Its 24-hour trading volume is also hovering around $59.7 billion after recording a 6.9% surge from the previous day.
One interesting observation is that Bitcoin’s 24-hour decline has forced most top altcoins into a nosedive. Dogecoin (DOGE), for instance, has fallen by 2% over the period as it trades $0.25 at press time. According to our recent analysis, DOGE could bounce back with a 1,900% surge.
Cardano (ADA) has also plunged below $0.88 to $0.84 after losing 3% of its value on the daily price chart. Similarly, XRP has declined by 2.2% within the same period to trade at $2.9.
Reasons for the Recent Bitcoin Performance
According to analysts at The Kobeissi Letter, Bitcoin’s performance follows reports that the US Dollar (USD) is on course to match its worst year in 1973. Per the analyst’s observation, this massive surge is backed by a generational macroeconomic shift.
Adding to this, it was mentioned that the correlation between gold and the S&P 500 reached 0.91, a record level in 2024. Technically, this indicates that the “prices are now pricing in a fresh monetary policy.”
There is a widespread rush into assets happening right now. As inflation rebounds and the labor market weakens, the Federal Reserve is cutting rates. The USD is now on track for its worst year since 1973, down over 10% year-to-date. The USD has lost 40% of its purchasing power since 2000.
Joining the Bitcoin discussion, another analyst, CrediBULL Crypto, has predicted that the price could likely break above the $150k level, and the movement has just begun. The $150k prediction was earlier examined in our publication, and it was stated that Bitcoin could even go past this level to $180k this year. Until then, CryptoBull has cautioned that there could be pullbacks to between $108k and $118k.
Dips into that zone of $108 to $118k are a blessing if we get them – and if not, well then enjoy the ride to $150k+.
Fascinatingly, this Bitcoin’s potential upsurge could be witnessed soon as accumulation from institutional investors increases. As indicated in our earlier discussion, MicroStrategy’s Michael Saylor has hinted that the company’s goal is to reach $1 trillion in Bitcoin.
