Originally published on: November 08, 2024
As Bitcoin hits new record highs, analysts are reassured that the cryptocurrency market is not showing signs of being overheated. According to Galaxy’s head of research, Alex Thorn, the fundamental perspective of the market does not indicate any overheating. Similarly, Aurelie Barthere from Nansen analysis firm believes that Bitcoin’s recent surge with substantial volume reflects ongoing positive momentum post-elections.
Following Donald Trump’s recent presidential election victory, traders are rushing to “re-risk,” leading to an upward movement in the crypto market. Despite concerns about increased Bitcoin volatility due to higher Open Interest levels, a positive funding rate signifies traders’ optimism about Bitcoin’s price.
Thorn predicts that Bitcoin and other cryptocurrencies will trade well above current all-time highs in the coming 12-18 months. Technical analysis suggests a potential rally to the $78,000 to $85,000 range, with Bitcoin currently trading at $75,776. Market participants expect a bullish trend in crypto assets after the recent rate cut by the US Federal Reserve.
It is important to note that this article does not offer investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
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