The latest Bitcoin price analysis indicates that the flagship cryptocurrency has been able to retain some more weight. As of Saturday, the price of Bitcoin went up once again. After continuing to keep moving in an upward trend, the price of each BTC unit is now valued at $61K each. Such a high price point allows Bitcoin investors to enjoy the highest level price in the last 5 months.
However, Bitcoin is still ways to go before it can gain back its last ATH registered in April this year. The Bitcoin investors and maximalists are hoping that the firstborn crypto can get to the $65K price point and manage to move beyond it making way for a new ATH once again. Meanwhile, there are technical analysts who claim that before another big leap, Bitcoin is headed for a short-term correction period.
There are several theories about the driving force behind Bitcoin’s latest rally. Tim Frost is the CEO of one of the most renowned wealth management and digital investment applications, Yield. According to his expert opinion, there is a multitude of reasons that are contributing to the latest bull rally for the flagship cryptocurrency.
Frost claims that one of the primary reasons is the approval of potential ETFs by the Securities and Exchange Commission (SEC) that have a considerable portion of Bitcoin exposure. Furthermore, the rapid rate of institutional adoption for Bitcoin is also increasing. Nevertheless, Frost claims that Bitcoin could fall back to another cool-off session before making it out of its April ATH. He added that Bitcoin prices might fall back to $40K temporarily.
Adam James is a cryptocurrency enthusiast and analyst at the panel of crypto exchange OKEx. In the latest technical report published by him, it is indicated that Bitcoin prices are going to experience a downtrend due to the Grayscale Bitcoin Fund. James claims that the rising premiums for the GBTC banner can break the bullish streak that Bitcoin is experiencing.
On the other hand, the altcoin market is in a state of a downtrend while Bitcoin is soaring. All major altcoin contenders like XRP, ADA, Polkadot, and Doge have lost considerable points. Meanwhile, the crypto variants like Ethereum, Stellar, and Shiba Inu have managed to score big gains. Shiba Inu is the leading satirical crypto that has managed to get a price appreciation of 265% in the last week.