The biggest cryptocurrency Bitcoin (BTC) 
$76,133Although it broke the record this week, it does not show signs of “overheating”. Many analysts state that Bitcoin may rise further.
According to Analysts, “Overheating” is Not Observed in Bitcoin
Head of Research at Galaxy Research Alex ThornIn his report dated November 7, he stated, “From a fundamental perspective, no overheating is observed in the market.” Analyst at crypto analysis company Nansen Aurelie Barthere also expressed a similar opinion. “Bitcoin surpassing its all-time high with high volume is an indicator of the positive momentum after the election,” Barthere said. Donald TrumpHe added that with ‘s victory in the US presidential election, investors started to take risks again, which triggered an upward movement in cryptocurrencies.
On the other hand, Bitcoin futures Open Interest (Open Interest) level rose slightly towards yearly highs. However, Thorn funding ratesHe pointed out that it has not changed significantly. While increasing Open Interest can at times create volatility concerns among market participants, a positive funding rate indicates investors’ positive expectations for Bitcoin’s price.
This indicates that buyers are willing to pay extra to sellers to protect their positions. According to data, on November 6, Bitcoin’s Open Interest reached $45.4 billion, which means an increase of 13.3 percent compared to the previous day. Binance Bitcoin’s funding rate on the stock exchange is at 0.0100 percent.
Expectations for a New Rise in Bitcoin are Gaining Strength
Thorn predicts Bitcoin and altcoinHe predicts that ‘s will trade much higher than today’s peak levels. According to technical analysis conducted on November 7, investors stated that they expected Bitcoin to rise to the range of 78 thousand to 85 thousand dollars. Bitcoin is currently trading around $76,000. cryptocurrency analyst Matthew Hyland He stated that Bitcoin “consolidated above its previous peak of $73,679 and wants to continue its upward trend.”
On the other hand, experts say that the 25 basis point interest rate cut decision of the US Federal Reserve (Fed) on November 7 cryptocurrencyIt is expected to have a positive impact on people. Because interest rate cuts reduce the attractiveness of traditional investment instruments. This may increase demand for cryptocurrencies. Whether Bitcoin will remain at these levels and the sustainability of the ongoing trend will become clear with more data in the coming weeks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
