- Analyst Rekt Capital tweeted that BTC could rally to a new all-time high price.
- He added that the current price is a fantastic opportunity.
- Though BTC had been trading at an all-time low in the middle of October, it managed to come to a new high of $20,821.
The crypto trader and analyst Rekt Capital tweeted that the current price of BTC seems to be a fantastic opportunity and that the coin would probably rally to “new All-Time Highs” in the future.
Following the hike in the interest rates by the Federal Reserve last month, Bitcoin showed a massive drop in its price, trading below $19,000. However, by the end of the last week, the coin began showing a positive inclination, currently trading at $20,821.
Interestingly, it is evident from the graph that there had been significant changes in the coin’s price since the beginning of October, marking a wavering pattern.
From June to September, the lowest price of BTC was $19,000. Though the coin was able to trade at a high of $20,000 at the beginning of October, it dropped to the lowest of $18,000 by mid-October.
However, over the past few days, BTC had been showcasing a better performance, even though most of the altcoins were thwarted in their journey by economic challenges.
One of the main reasons for Bitcoin to show an upward trend immediately after the downtrend is that after every fall, institutional investors accumulate Bitcoins while normal investors sell them off.
Martin Heisboeck, the Head of Blockchain and Crypto Research at Uphold commented that the everyday investors who are concerned with the macroeconomic factors, sold off their coins, while the institutional investors accumulate them.
“Many investors are concerned the macroeconomic outlook won’t improve anytime soon, so they sell every price increase,” Heisboeck said. “At the same time, institutions and savvy investors seem to think that bitcoin has formed a bottom and continues to accumulate. The fact it hasn’t dropped significantly over the past weeks as we digested some really bad news is a turning point.”
Thus, by tracing the journey of Bitcoin over the last few weeks, it could be analyzed that the coin is traveling through a positive trajectory.
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