Over the past week, Bitcoin’s surge has kept increasing, and now its price has hit $59,000 for the first time since May. Will it surpass its previous ATH this time is the evergreen question that everyone keeps asking? Also, what should the crypto investors conclude from this increase? Nothing, according to the experts.
The earlier data from on-chain analytics firm Glassnode showed that the part of BTC supply is either hodled or lost for good is at its highest in the past nine months. Even this time, the narrative is bullish. “Hodled or Lost Coins” summed up to a total of 7,203,450.731 BTC.
The expert analyst and trader Michaël van de Poppe said:
“Bitcoin is most likely just continuing this grind towards the all-time highs. Great bounce from $54K. Highly doubt we’ll see a retest at $50K happening.”
Gluing $50K as support, he remains optimistic and expects an explosive end to the year for BTC. Moreover, other proponents added their bullish outlook as well. Former gold turned Bitcoin enthusiast Spencer Schiff tweeted:
“Bitcoin’s price will smash through the record high. It’s inevitable.“
Nevertheless, Peter Schiff, his father, still favors gold over Bitcoin. He stated, “If investors now realize that bad news on inflation is good news for gold, the rally has a long way to go. It’s also bad news for Bitcoin.”
Regardless of Bitcoin’s surge and trade activities in the green zone, some setbacks will likely affect this rise. Analyst and Trader Rekt Capital tweeted:
“#BTC has successfully retested its Daily Bull Flag thus far, But Bitcoin is still below major Weekly resistance (red). In fact, any sort of Weekly Close below $60000 has historically preceded a $BTC retrace from these highs.”
It shows that there are chances that BTC falls back to its low prices without touching the $60K mark, and it wouldn’t be the first time.