Welcome To ‘The Acceleration Phase’: Analyst Predicts An 88% Increase For Bitcoin
In the dynamic world of cryptocurrencies, Bitcoin (BTC/USD) is anticipated to make a significant comeback, potentially reaching its all-time high of over $69,000 by mid-2024, according to an analyst.
This projection reflects an 88% increase from its current valuation of around $36,500.
These insights align with the topics of market trends and digital asset valuations that will be discussed at the upcoming Future of Digital Assets conference on Nov. 14.
“Bitcoin uptrends tend to move quickly once they get going, moving hundreds of percent often in less than a year,” Cory Mitchell, an analyst with Trading.biz, said according to CoinDesk.
“This is called the acceleration phase,” he added.
Mitchell’s analysis points to a significant resurgence in Bitcoin’s value, following a pattern observed in previous years. He noted:
– 2013: Bitcoin rallied 1200% in approximately 100 days
– 2017: It rallied 1,900% in just under a year
– 2020: it rallied 400% in about 140 days.
However, he cautioned about potential market fluctuations, including pullbacks and price dumps, en route to reclaiming its peak.
Despite the challenges faced in the past year, including several high-profile bankruptcies within the industry and an overall bearish economic climate, Bitcoin has managed an impressive gain of almost 116%.
This growth has been partly fueled by the filing of spot Bitcoin exchange-traded fund (ETF) applications in the U.S., heightening the anticipation of regulated offerings and potentially unlocking institutional demand.
The increase in regulated instrument usage has mirrored Bitcoin’s price growth.
For instance, Bitcoin futures trading on the Chicago Mercantile Exchange (CME) recently recorded the world’s highest volumes, surpassing those of Binance, the industry leader.
The open interest on the CME stood at approximately $4.07 billion, marking a 4% increase over 24 hours and accounting for a 24.7% market share. In contrast, Binance’s open interest was reported at $3.8 billion, a decrease of 7.8% in the same timeframe.
These trading patterns are seen by market observers as indicative of growing institutional interest in Bitcoin products, pointing to a broader acceptance and integration of cryptocurrencies into the mainstream financial landscape.
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