Bitcoin has surged impressively in the last 48 hours to reclaim $120,000 after over a month of losing that level due to a general market correction. This reclamation has triggered hopes of higher prices.
Crypto analyst Ali on 4 October said the top asset is poised to reach a new all-time high of $139,000 as long as it holds above $117,000.
Ali draws his conclusions from the MVRV Extreme Deviation Pricing Bands which use standard deviations from the mean MVRV Ratio to determine potential price levels and now point to $139,800.
More liquidity needed
The prediction of a new all-time high has been made by many analysts, but reaching the new price is the challenge.
As with other times, the jump to $139,000 will only be made possible with sufficient liquidity being sustained. Fortunately, there is a massive recorded interest in the asset in this month of October.
Data shows that ETFs bought $3.24 billion worth of Bitcoin to start the first week in October, making it the second-best week ever, and the interest isn’t expected to slow down any time soon.
Time for Bitcoin to shine
Apart from a few, Bitcoin has outperformed most altcoins including Ethereum, both in the last seven days and the last 24 hours.
Analysts believe it is time for Bitcoin to outperform altcoins in this manner before giving room for altcoin rally to take over.
Indeed, Ethereum has been in consolidation which may last for a few more weeks during which time Bitcoin can make the jump to the predicted $139,000 all-time high.
Following this however, Ethereum and altcoins are expected to start rallying and exploring new price levels while Bitcoin takes the back seat as money flows from it into altcoins as the cycle progresses.
What do you think?
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