Bitcoin analyst warns of potential surge as funding stays flat

Bitcoin’s (CRYPTO:BTC) price movement has stirred conversations among analysts as BTC consolidates below its all-time highs.

On October 30, Bitcoin reached $73,500, but it has since cooled to around $72,000.

Analysts view this consolidation as a positive sign, providing an opportunity for the market to establish support at these levels.

According to Daan Crypto Trades, a popular trader, Bitcoin’s latest move successfully cleared key resistance levels without hitting an all-time high.

He commented, “Bitcoin has now taken out every major lower high from this year except for the all-time high. Honestly better it rejects before to make an equal high vs sweeping it.”

Rekt Capital, a trader and analyst, also emphasized the importance of Bitcoin’s weekly close to determine the next phase.

He stated that the weekly finish above the “Range High” could signify the beginning of a breakout for BTC.

QCP Capital, a trading firm, highlighted the recent rally in Bitcoin as “remarkable,” noting an 8% rise that breached the $73,000 mark.

The firm attributed this price action to several factors, including inflows into spot ETFs, monetary easing cycles globally, and increased optimism tied to the potential election of a crypto-friendly presidential candidate, Donald Trump.

They added that upcoming U.S. economic data, including unemployment numbers and the Federal Reserve’s interest rate decisions, would also be key in shaping market trends.

Interestingly, funding rates—a measure of sentiment in futures markets—have remained neutral despite Bitcoin’s surge.

Popular analyst Byzantine General remarked, “BTC is basically at all-time high and these are the funding rates. If you told me a year ago that funding would be neutral at ATH, I wouldn’t have believed you.”

Crypto analyst Miles Deutscher noted a lack of retail interest in the current market, pointing to Coinbase’s ranking on the Apple App Store as evidence.

“Price is the EXACT SAME, but retail isn’t back (at all). It’s scary how much higher we’re going,” he observed, hinting at the potential for further upward movement.

At the time of reporting, the Bitcoin price was $72,379.43.