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Bitcoin is expected to reach a new all-time high, but only after a correction

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Financial experts are predicting that there is a 20 percent possibility of Bitcoin ending this month above 65,000 USD, a new high.

The last year has been unique for a number of reasons. These include market uncertainty, global pandemic, travel restrictions, and worldwide lockdowns. However, we still witnessed the rise of one financial asset- Bitcoin. This new-age cryptocurrency saw a huge recovery in terms of its price in March this year.

The market has been bullish

The market has been highly bullish after the price of Bitcoin reached above 57,000 USD recently. The value of BTC saw an unprecedented rise and outperformed many other alternative digital currencies. Crypto analysts are forecasting further upside and some even claim that the value of this digital currency can return to an all-time surge close to 63,000 USD this quarter.

Coinbase’s newsletter

Last week, Coinbase wrote a newsletter addressing it to institutional clients. They mentioned that the performance has been impressive, particularly as it took place at the backdrop of a wider preference for bonds and equities. Crypto markets appear to decouple from the equity market. Coinbase further mentioned they are finding Bitcoin to lead the market as is felt by its dominance of reaching highs multiple months.

The initial spike in the value of Bitcoin in recent times could be the outcome of traders taking big positions. This is before a speculated nod by the SEC of the United States of America for a futures-based BTC ETF or exchange-traded fund, according to Lawrence Lewitinn of CoinDesk.

As of now, technicals insist that the prevailing rally is scheduled for a retreat. The MD of Fairlead Strategies, Katie Stockton feels the recent surge seems to be at an end. She feels about a fortnight of price strengthening in the range of 47,000 to 48,000 USD where the sell-off in September is stabilized.

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