On Wednesday, October 20, the bitcoin rate renewed its all-time high and reached $ 66,000. Fundstrat analysts said that the next target for BTC is $ 90,000.
At the moment, the rate of the first cryptocurrency has consolidated above $ 60,000, but the bulls have not yet made significant attempts to break the resistance of the bears.
Fundstrat analysts noted that the market is now watching the results of ETFs on Bitcoin futures. The first such ETF from ProShares was launched on October 19, and yesterday Valkyrie launched a second exchange-traded fund for Bitcoin futures.
“The initial targets for bitcoin are around $ 72,500, and then the rate should reach $ 89,000. And these goals are quite achievable, given the previous peaks in bitcoin,” analysts say.
The CEO of the BitMEX cryptocurrency exchange, Alexander Hoptner, also noted that many analysts expect BTC at $ 100,000 by the end of this year.
The achievement of Bitcoin’s all-time high was influenced by both the anticipation of the launch of cryptocurrency ETFs in the United States and the increase in investment by institutional investors. Earlier, JPMorgan analysts said that the reason for the growth of the first cryptocurrency is not in ETFs, but in the desire of investors to protect themselves from inflationary risks.