The Bitcoin price was able to stabilize above the USD 15,000 mark and could thus prepare for the next upward movement. Should Bitcoin manage to close above the important mark of USD 15,330 in November, a new all-time high could soon follow.
Despite the long uncertainty in the US election campaign, Bitcoin has stabilized above the USD 15,000 mark in the last few days. The BTC price has dropped 0.70% in the last 24 hours to a price of USD 15,338.58. The market capitalization remains at $ 284 billion and Bitcoin dominance at 64.2%.
In the past, Bitcoin could start a bull run if the price closed above the last monthly all-time high. At least this is what the renowned Bitcoin trader Josh Rager recently stated. Should Bitcoin reach this milestone in November, a price increase of 700% to 1,000% could then follow based on historical data.
According to Rager, Bitcoin is also preparing to break the USD 16,000 mark in a timely manner. The current accumulation phase is the preparation for a further upward movement.
On-chain analyst Williy Woo also describes on Twitter that large companies and financial institutions are gradually recognizing the potential of Bitcoin as “smart money” and as a safeguard against the measures of the Central Bank of America (FED). In his opinion, Bitcoin is still in the preparatory phase of the actual bull run:
“Who bought this rally? It's smart money ... high net worth individuals. You can see the average transaction value between investors making a big leap up. The OTC desks see that too. Bitcoin is still in the stealth phase of its bull run.“
According to Bitcoin trader Philip Swift, the current upward trend will continue. The “Relative Unrealized Profit / Loss Indicator” is currently at 90 and clearly shows that investors are greedy and have triggered a FOMO wave (FOMO = Fear of Missing Out) and further investors could enter the market. Swift points out that there is currently great potential for further price hikes:
“[Bitcoin] has now entered the 'greed' zone with the recent surge. Sounds bad, but we can actually spend large parts of the bull cycle in this area. We're still early and still have plenty of room for improvement.“
Some analysts, including the BTC Trader Flood, are forecasting a further rise to a new all-time high in this sense. The analyst noted that while Bitcoin has moved sideways for the past 3 days, the strong fundamentals are still intact and BTC could hit a new all-time high:
“Fast BTC check. Consolidation under resistance in the low time frame. 1D, 3D look a bit excessive, but weekly and monthly ATH runs this month are by no means excluded. For now, we're just waiting until we get a rejection or an outbreak.“
Bitcoin adaptation continues to advance
This year, numerous large companies made headlines with a Bitcoin investment. MicroStrategy has invested more than 39,000 Bitcoins and Square has also invested a considerable amount of 300 million USD in Bitcoin. In addition, the news from the payment giant PayPal to include Bitcoin, Ethereum and other cryptocurrencies in their digital wallet, fueled the massive increase in the Bitcoin rate.
Still, there is some uncertainty among investors as Joe Biden could take a different course than Donald Trump. Ripple CEO Brad Garlinghouse pointed out in a recent tweet that Biden could push the climate targets and all companies holding Bitcoin would have to rethink their strategy.