- Bitcoin continues to show an upward trend, but the $11,000 mark has not yet been broken.
- Analysts are bullish for Bitcoin and forecast a further price increase to $11,900.
Bitcoin has been able to continue the upward trend of the last few days and has briefly risen to over $10,940. At the time of writing, the Bitcoin price stands at $10,870, an increase of 1.44% within the last 24 hours. The market capitalization has climbed to $201 billion and the Bitcoin dominance has increased to 57.8%.
Blockroot’s founder Josh Rager said yesterday on Twitter that Bitcoin is a good long-term investment to protect against further rising inflation and the effects of the current financial system. In his opinion, Bitcoin will continue its current upward trend, but Bitcoin must rise above $11,900 to avoid being caught in a tight price range again in the medium term. According to Rager, now is a good time to invest in Bitcoin.
https://twitter.com/Josh_Rager/status/1305888026917208066
Trader Teddy describes that Bitcoin must rise above the $11,200 mark in order to continue the upward trend in the medium term. Despite the predominantly bullish sentiment in the market, he advises caution, as BTC has so far not been able to stay above the $11,000 mark for the last 3 months. He advises his followers to work with stop-loss settings to avoid larger losses.
https://twitter.com/TeddyCleps/status/1305899538864103426
“Byzantine General has shared a chart with his community that shows that there are a number of major liquidation levels along the $11,000 mark. This means that Bitcoin could either ricochet sharply or accelerate the current upward trend. However, he points out that this chart does not allow for any guaranteed predictions.
https://twitter.com/ByzGeneral/status/1305926328445788161
Another piece of bullish news for the BTC market is that Jim Cramer, host of the CNBC Mad Money Show, will be putting 1% of his assets into Bitcoin. He announced this in a recent interview with Anthony Pompliano. In his opinion Bitcoin is not yet digital gold, but it can protect against rising inflation in times of crisis and help people protect their capital from the state:
I mean people talk about like crypto gets hacked or whatever, you know what’s really bad? It’s when your kids can’t find your gold. And that is, by the way, not unusual. So this is why I am fixated on needing to own crypto, because I fear a massive amount of inflation, and I don’t have [any]. Gold will do okay, the houses will do okay, those will keep me running in place. The idea of actually making money, well holy cow, I’ll take a shot at that with 1%.
Bakkt BTC Futures set new record
Another bullish sign is coming from institutional investors. Bakkt announced a few hours ago that a new record was set with their physically settled Bitcoin (BTC) futures contracts. BTC contracts worth more than $200 million (15,955 BTC contracts) were traded, exceeding the previous all-time high by more than 36%. According to data from the Skew analysis platform, this is twice the average daily volume traded for the whole of September.
Another record day in the books for our physically delivered futures:
15,955 Bakkt Bitcoin Futures were traded today, representing over $200M of volume and a 36% increase from our previous all-time high 📈
— Bakkt (@Bakkt) September 15, 2020
