With Donald Trump’s victory in the US election and the Fed’s interest rate cut, Bitcoin (BTC) is running from record to record.
The price of BTC reached another milestone, surpassing $77 thousand for the first time in its history. On October 8, the leading cryptocurrency touched $77,200. The increase in queries also paved the way for Ether (ETH), the pioneer of altcoins. ETH managed to rise above $3 thousand during the day.
According to data from Coinglass, altcoins surged in double digits as the price of BTC reached record highs. Funding rates on crypto exchanges remain in the neutral zone compared to March. Analysts say the funding rate indicates that the increase may continue.
Sean Farrell, head of digital asset strategy at Fundstreet, said: “There is no sign that the boom in funding rates will end.” he said.
“Bitcoin hasn’t started its parabolic rise yet”
The outlook in the crypto market shows that there is no stopping the rise of Bitcoin (BTC). Judging by the positive trend in global markets, analysts estimate that BTC can easily cross $100 thousand.
Ari Paul, founder and CIO of BlockTower, emphasized in a post on X that the bull market will continue. Paul used the following statements:
“We are in the seventh phase of the bull market, or one-third of the way through the rally.”
Paul claimed that market participants were preparing for a 6 to 12 month rally. The crypto expert pointed out that institutional investors rather than individual investors direct the market. As it is known, the positive trend continues in the Spot Bitcoin ETF. BlackRock continues to break records in ETFs.
According to Paul, in the coming days, money inflows and individual investors’ interest in futures will increase. Stressing that the bull has just begun, Paul said there will be more trading in the latter stages of the bullish cycle.
Paul noted:
“This step, step seven, takes us from $90,000 to $125,000. Then we have two more phases and the last one is usually the most parabolic.“
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.
