US inflation has reached its boiling point with a spike of 6.2% in October, which was the highest since 1990. On the other hand, Bitcoin has recorded the $8.9 billion funding year-to-date breaking the previous record of $6.7 billion (Source: Coinshares). The interesting part is, the asset has seen the highest inflow of funding in October at about $2.2 billion. The aforementioned metrics hint that the Crypto space could better avoid a potential financial crisis.
Bitcoin Hits New ATH! Why Did it Fall?
Bitcoin price has taken another parabolic move reaching an ATH of $68,789.63 on Wednesday, yet in no time faced rejection. The asset appears to be looking for strong support between $62k to $65k before taking up yet another leg up. Dylan LeChain, a popular crypto analyst highlights a rise in the open interest, while the flagship asset was hovering around ATH.
The Future’s open interest has risen to a new ATH of 191.2k BTC followed by Bitcoin’s new achievement. In the later part, the analytics from the ByBt revealed the maximum number of liquidations of about 193.35 million. Then, the most valued asset has quickly regained strength with a resurgence to $64,766 at the press time.
Bitcoin Price To Hit $250k in The Next Bull Cycle?
Popular crypto analyst Jesse Olson predicts Bitcoin price to soar between $250k to $350k by Mid-December. The analyst shared a historical chart, which recalls the historical price momentum of the coin. In December 2013, the most dominant asset surged from $139.72 to beyond $2000. In the next year of Bitcoin halving, in December 2017, BTC price has broken out of crucial resistance $4,752.
The analyst has been expecting a somewhat similar reiteration in December 2021. As per his analysis Bitcoin price would breakout between a monthly candle of $59,242 to $66,080 to go insane. If the digital coin follows the pattern, then it would claim its new ATH anywhere between $251.1195k and $332.255k.
Collectively, amid a major financial crisis happening in the USA, the crypto space appears to be gaining major traction. The industry possesses the potential to resolve issues such as inflation. The value of Bitcoin has been generating higher lows consequently, which would be more profitable to early traders and holders. Yet as its value keeps on jumping and as it has a limited supply in circulation, it could be a major hedge against potential inflation caused by unlimited money printing.