Bitcoin (BTC) shows no signs of overheating despite breaking records, according to Galaxy’s research unit.
Some analysts predicted that the ATH reached $76,380 on November 7. BitcoinHe thinks it will grow even more. Alex Thorne, head of Galaxy Research, said: BTC“The market doesn’t look too hot in terms of fundamental analysis,” he said, based on the record-breaking .
Analyst Aurelie Barthre from crypto analysis firm Nansen expressed a similar view. “Bitcoin’s record high volume is a positive effect of the US election,” Barthray said. Investors’ appetite for risk increased after Donald Trump’s victory in the US presidential election on November 5, the analyst said, adding to the rise in cryptocurrencies.
No major change in Bitcoin funding rate
Thorne noted that bitcoin futures open interest (OI) rates have reached annual peaks, but funding rates have remained largely stable.
Open positions sometimes lead to fears of increased volatility in the market. However, a positive funding rate indicates that investors are optimistic about the price of Bitcoin and that buyers are willing to pay sellers’ fees to hold their positions. Bitcoin open interest rose 13.3 percent since Nov. 5 to $45.4 billion, Cointelegraph reported Nov. 6. According to CoinGlass data, the Binance funding rate was 0.0100 percent.
Galaxy’s Thorn said that Bitcoin and other cryptocurrencies will be at very high levels in the next 12-18 months. According to a Nov. 7 Cointelegraph report, investors expect the price of Bitcoin to rise from $78,000 to $85,000, based on technical analysis.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
