Bitcoin Smashes $70K, 'Looks Primed For New All-Time Highs,' According To Trader

Zinger Key Points
  • Bitcoin soars past $70,000, with analysts predicting a swift rise to $80,000.
  • Bitcoin ETFs record $252 million net inflow, maintaining a 10-day streak.

Bitcoin BTC/USD is back above $70,000 with an extended weekend rally, prompting cryptocurrency traders to predict more upside for the apex crypto.

What Happened: Self-proclaimed value investor Mike Alfred predicted a swift rise to $80,000, urging investors to be discerning about whose advice they heed. According to him, “So many people are kicking themselves for not buying more at $60,000. Be very careful who you listen to,” Alfred warned.

Popular cryptocurrency analyst Michael van de Poppe touched on macroeconomic factors, highlighting the persisting high inflation and its potential impact on the financial system.

“Overall, I think that we’re in the stages of high inflation and remain into that stage,” he stated. Van de Poppe saw a scenario where debt becomes unsustainable, pushing more individuals towards Bitcoin out of necessity. “Slowly but surely,” more people would adapt to Bitcoin out of a need, van de Poppe wrote.

Jelle, another cryptocurrency trader, noted Bitcoin’s alignment with the Power of Three setup, saying it “looks primed for new all-time highs.”

Read Also: Donald Trump: ‘I Will Ensure That The Future Of Crypto And Bitcoin Will Be Made In The USA’

Why It Matters: Bitcoin is trading around $70,450 at the time of writing, up 2.3% on the day and 4.6% over the past week.

Following the approval of spot Ethereum ETFs, the apex crypto took a brief back seat to Ethereum ETH/USD, which is up 28% over the past seven days. Still, ETF flows for Bitcoin have remained strong, with Bitcoin recording another $252 million net inflow last Friday, extending its streak to ten consecutive trading days of net inflows.

What’s Next: The influence of Bitcoin as an institutional asset is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why Donald Trump Will Pump Crypto: Mad Crypto Alpha With Ivan

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesAI GeneratedExpert IdeasMichaël van de PoppeStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!