Analysis: Bitcoin may rise to $98,100 in the next few weeks, it is recommended to buy when it falls back to $80,000
Odaily News "Crypto markets are alive again," Chris Weston, head of research at Pepperstone Group, wrote in a note, adding that reports of Trump Media and Technology Group's proposed acquisition of Bakkt was "another positive news to boost market sentiment." Other developments include Nasdaq Inc.'s plan to list options on BlackRock's IBIT as early as Tuesday and Goldman Sachs Group's push to spin off its digital asset platform, signs that cryptocurrencies and their underlying blockchain technology are penetrating deeper into the financial system. Trump has vowed to establish a supportive U.S. regulatory framework for digital assets and to build a strategic reserve of bitcoin. However, the timeline for his promise and the feasibility of the bitcoin reserve remain uncertain. These issues have sparked discussions about whether bitcoin and other cryptocurrencies can continue to rise. According to Deribit data, the highest concentration of open interest in the options market is bullish bets on bitcoin reaching $100,000. Katie Stockton, technical analyst at Fairlead Strategies LLC, said some signals from chart patterns suggest that bitcoin could rise to around $98,100 in the coming weeks. Tony Sycamore, market analyst at IG Australia Pty, said he prefers to buy bitcoin on a pullback to $80,000. (Bloomberg)
