Stocks are higher. Yields are moving lower. Ironically, the government shutdown is also leading to more buyers as trust fades for traditional currencies. So “Risk-on” is hot in digital, and that has propeled bitcoin higher today/this week.
Since bottoming last Friday at $108,676, the price has climbed to a high today of $123,966 – a gain of 13.64%. That is just short of its all-time record high set back in August at $124,517. Break above that level and it opens the door for a move toward at least $127,000. That’s the minimum technical target.
Analysts are even more bullish. Today,, Citibank forecast bitcoin price over the next year with a base case of $181,000, a bearish scenario of $82,000 and a bullish target of $231,000.
Standard Chartered also predicted sharply higher levels. The analyst there predicted that the price would reach 200,000 by the end of this year and sees a break of the $135,000 level in the near future.
This article was written by Greg Michalowski at investinglive.com.