Bitcoin “shrimps” are showing firm conviction that the price of Bitcoin is going to continue its uptrend, according to a crypto analyst.
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Bitcoin’s brief rally to $69,000 maybe have been “driven by speculation” for a Trump victory. Meanwhile, BTC options traders say $80,000 is programmed.
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The metrics suggest that Bitcoin is unlikely to be overvalued at current levels and its price action is developing “steadily without significant anomalies or sharp jumps.”
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Bitcoin is just 12% shy of all-time highs, but a trader says it could stay in this zone for at least the next few months unless demand comes through.
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The average monthly change in Bitcoin retail demand has waned over the last month, with one analyst noting it could be a precursor to a price surge seen earlier this year.
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