Bitcoin has been on a roll lately, recovering strongly after a dip earlier this week. It’s up 20% from its July lows and could even break through $70,000 this weekend.
Bulls are Back in Charge
Analysts are excited about Bitcoin’s recent surge and think it’s just the beginning of a bigger climb. One analyst believes the next “hated” price range will be between $75,000 and $95,000. This would mean Bitcoin would be breaking its all-time high of $74,000, which was set back in March. The analyst thinks that once Bitcoin hits this range, it will be much harder for bears to push prices down.
Mt. Gox Doesn’t Dampen Bitcoin’s Spirits
The recent release of Bitcoin from the collapsed Mt. Gox exchange was initially a cause for concern. Many thought it would cause prices to drop further. However, the market has remained strong, with prices even recovering. This shows that the Mt. Gox situation hasn’t shaken investor confidence.
Long-Term Holders are Accumulating
Another positive sign is that long-term holders, who are mostly institutions and miners, have been buying up Bitcoin. They sold off some of their holdings when prices were above $68,000, but they seem to be buying back in now. This lack of selling pressure from long-term holders is likely to help Bitcoin break through $72,000 and keep the rally going.
Overall, the signs are looking good for Bitcoin. The recent surge, combined with the lack of selling pressure from long-term holders and the resilience of the market in the face of the Mt. Gox situation, suggests that Bitcoin could be on its way to new highs.
