This shift aligns with forecasts from leading analysts, who suggest that the market’s top cryptocurrency may reach a new all-time high (ATH) in the coming months. Some experts even believe that this milestone could be achieved as soon as two weeks from now.
Adler’s analysis suggests a base case probability of around 70% for a continued stepwise uptrend or sideways movement over the next two weeks for the Bitcoin price.
With the Bitcoin price positioned just above its Short-Term Realized Price, Adler stresses that the stage is set for potential consolidation over the next week or two, followed by a possible surge toward new highs. Adler referred to this anticipated movement as a new “uptober” for Bitcoin and the broader digital asset market.
Analysts at The Bull Theory have noted a correlation between stock market rallies and the Bitcoin price action, with the analysts suggesting that Bitcoin tends to rise when US equities hit new highs.
Featured image from DALL-E, chart from TradingView.com
