The post Bitcoin poised for surge, analysts expect new all-time high appeared on BitcoinEthereumNews.com.

Bitcoin price has done modestly well this week as it soared to $66,000, rising to its highest level since July 31. Bitcoin moves into bull market Bitcoin (BTC) recovery coincided with the surge of the most risky assets like altcoins and equities. The Dow Jones and the S&P 500 index have jumped to a record high, while the Nasdaq 100 is a few points below its all-time high. In a post on X.com, crypto analyst Miles Deutscher estimated that Bitcoin may continue rising in the near term, reaching a high of $81,000. He argued that the S&P 500 index, which tracks the biggest American companies, was up by 9% above its highest level this year. As such, he told his 541,000 followers that the coin would hit $81,000 if it caught up with equities as it has done in the past. #Bitcoin could break ATHs way sooner than you think. The S&P 500 is now sitting 9% above its yearly high.$BTC is still lagging, 11% below its yearly high ($74k). If BTC catches up to stocks (9% above yearly high) – this would imply a BTC price of $81,000. The catchup begins. pic.twitter.com/VqpZ7oOrGg — Miles Deutscher (@milesdeutscher) September 28, 2024 Other analysts are bullish on Bitcoin. In a recent note, analysts at BlackRock, the biggest asset manager in the world, referred to Bitcoin as a “unique diversifier” in a report on Sept. 17. The New York-based firm argued that the top cryptocurrency was a unique asset that is uncorrelated with equities, especially in periods of elevated risks.  BlackRock has continued allocating Bitcoin in its balance sheet, a move that may inspire other firms to start buying.  Meanwhile, MicroStrategy has continued to accumulate Bitcoin. The firm’s founder, Michael Saylor, predicts that Bitcoin will rise to over $13 million by 2045. The…

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Filed under: News - @ September 28, 2024 6:27 pm