As investors flock to Bitcoin’s ‘safe-haven,’ is $80K inevitable for BTC?
The post As investors flock to Bitcoin’s ‘safe-haven,’ is $80K inevitable for BTC? appeared on BitcoinEthereumNews.com.
With major institutions betting on its future, Bitcoin is increasingly being seen as a store of value Massive amounts of USDT is flooding the market, indicating signs of liquidity Investors moved from traditional equities to Bitcoin [BTC] as they view the latter as a lower-risk asset with strong potential. The aforementioned trend was highlighting by the 10% gains on Bitcoin’s weekly charts, pushing it to a new all-time high of $77,000. This, on the back of rising uncertainty over Trump’s fiscal policies – Particularly China tariffs and the growing national debt. With the new administration setting sights on positioning the United States as a crypto capital, Bitcoin’s position as a safe haven might be revised. Big institutions are betting on Bitcoin’s future With Bitcoin’s fixed supply of 21 million coins, investors are increasingly stacking BTC as a true store of value. In fact, a report by financial intelligence firm River highlighted BTC’s ownership across key stakeholders. Source: River This backing was crucial, especially as the derivative markets have evolved since the last presidential election, with Open Interest (OI) hitting a record $45 billion. Growing institutional interest offers long-term security, helping absorb speculative swings. As a result, over the last 24 hours, $36.28 million in liquidations occurred, with $25.20 million in short positions being closed. Additionally, BTC ETFs shattered records with massive inflows, just a day after the election results. This has given retail investors a strong foothold as they view the current price as a high-risk, high-reward dip. With big institutions betting on BTC’s future, it may be a sign that a bullish weekend is ahead. Right now, BTC is expected to hold steady within the $74k—$78k range. If this momentum holds, BTC may hit $80k by the end of November’s final trading days. This can be confirmed a different set…
Filed under: News - @ November 9, 2024 11:09 am