Bitcoin is lagging the usual pace of October but at least some analysts say that its stability near the $ 111,000 mark signals strength, not weakness.
Today’s price action is familiar to frustrated Bitcoin Bulls, with gold and silver once again hitting new record highs and US stocks in the green. However, Bitcoin remained under pressure, slipping 1.2% in the past 24 hours to $111,500. Losses were a bit steeper in the rest of the crypto sector, with ether and XRP sinking 3% and Solana and Dogecoin down nearly 2%.
Sorry say the analysts
Speaking at the Digital Asset Summit in London on Wednesday, Quinn Thompson, chief investment officer at Lekker Capital, said Bitcoin’s time is coming.
“I’m glad we’re going to strike gold,” he told attendees. “It will start soon and the transition that is about to come to Bitcoin and crypto broadly resembles a November 2024 and an October 2023 kind of transition.”
Matt Mena, a crypto research analyst at 21shares, expressed a similar view, saying that Bitcoin’s resilience through global uncertainty “underscores how the demand structure – which is -anchored by ETF flows and a more slippery policy outlook – controversies to provide a floor.” With the sequestration and financial easing, MENA projects could climb to $150,000 before the end of the year.
Much depends on the Federal Reserve and expectations that the US central bank will continue to avoid monetary policy. In the beige book released this Wednesday.
Fed Chair Jerome Powell avoided details on rates in comments on Tuesday but Alo acknowledged “softness” in the labor market, reinforcing the market’s belief that further policy easing is on the table.
