Bitcoin (BTC) Back Above $70K With Extended Weekend Rally, Traders Predict More Upside

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

Bitcoin BTC/USD began the week 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.

“So many people are kicking themselves for not buying more at $60,000. Be very careful who you listen to,” wrote Alfred.

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. What happens then? Debt becomes unsustainable.”

According to van de Poppe, as debt becomes unsustainable, more individuals are pushed towards Bitcoin out of necessity. “Slowly but surely, we adapt to BTC.”

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

See More: Best Cryptocurrency Scanners For 2023

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.

See also: Elon Musk Says He's 'Halfway Through' Reading Ayn Rand's 'Atlas Shrugged': Here's A Look At The Book That's Influenced Trump, Cruz And Other Politicians

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

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.