Bitcoin makes swift moves as analysts expect the Fed to continue its money-printing in wake of more stimulus. This creates a more favorable position for Bitcoin as analysts hint at higher targets above $16,000.
In a sudden surge, Bitcoin (BTC) has moved 5% north moving above $14,500 levels for the first time since January 2018. With this move, Bitcoin has also extended its weekly gains above 10%.
The recent price surge comes as more clarity emerges with the outcome of the U.S. Presidential election. Bitcoin and the overall crypto market remained volatile on Wednesday after all the election drama. Even now, volatility seems to remain as Bitcoin sustained the $14,500+ levels for a very short time.
At press time, Bitcoin (BTC) is trading at a price of $14397 with a market cap of $266 billion. With this move, Bitcoin has extended its market dominance to 65%. The world’s largest cryptocurrency has been making consecutive throughout the month of October. Over the last month, the BTC price has gained over 30% to date. Besides, there’s a massive money flow from big institutional players as well as from the DeFi market that registered major correction.
Also with the current levels, Bitcoin has delivered over 100% year-to-date returns. Well, market analysts are suggesting that the Federal Reserve will continue to print money even after the election results. Thus, with the likelihood of inflation catching up in a short time, this will ultimately benefit Bitcoin.
Bitcoin Officially Enters Bull Market Hitting New Levels
Former Goldman Sachs partners and founder and CEO of Galaxy Digital – Mike Novogratz – turns even more bullish on Bitcoin. Appearing on CNBC’s Squawk Box yesterday, Novogratz said that Bitcoin has officially entered the bull market.
“Cryptocurrency was bid the whole night […] We’re in a bull market in Bitcoin. The Fed is going to be continue to print. The crypto world has a expression, you know the Fed goes brrrrrrrr, that printing press goining on and on. And so,less fiscal, more Fed, good for crypto. I think there is a bigger story with crypto. We have crossed the Rubicon in its adoption. You gonna see every bank, every tech company getting involved, so I think we are at the start of a very big bull market,” he said.
Other crypto market analysts have also started giving higher targets for Bitcoin. Analyst Josh Rager said that he sees Bitcoin touching $16,000 levels very soon.
At press time, Bitcoin competitor Ethereum (ETH) is also 5% up trading at $400, as per the CoinMarketCap data.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.