Bitcoin’s price rollercoaster continues. After a 7.5% jump on positive US economic data, the cryptocurrency is hovering around $66,000. However, analysts are split on whether this surge can be sustained.
Some analysts see red flags. Rapidly rising open interest and large sell orders placed above current price raise concerns about a potential correction. One trader predicts a drop back to $59,000-$60,000 if support levels fail to hold.
Not everyone shares this pessimism. Veteran traders and trading firms offer a more optimistic outlook. They believe the recent surge is the beginning of a sustained upward trend, with some predicting continued long-term growth for Bitcoin.
Others, like trading firm QCP Capital, even foresee a return to Bitcoin’s record highs of $74,000. Factors like growing institutional adoption, potential easing of financial conditions, and upcoming US elections are cited as reasons for this bullish sentiment.
