Leading cryptocurrency Bitcoin (BTC) is stuck between $110,000 and $120,000 after peaking at $124,000 in August.
With the arrival of October, historically known as a bullish month, bullish expectations for BTC are increasing, with one analyst saying that Bitcoin could easily rise to $150,000 after surpassing $120,000.
Speaking at the Token2049 Conference in Singapore, Capriole Investments founder Charles Edwards said that if Bitcoin breaks the $120,000 level, it could rise to $150,000.
Stating that $120,000 is a psychological resistance for BTC, Charles Edwards said that the rise after exceeding this level could be very rapid.
Edwards stated that there is a 50% probability that the cryptocurrency market will complete the quarter with a positive rally during the fourth quarter.
Finally, Edwards noted that the four-year bull cycle theory for Bitcoin and the cryptocurrency market still holds true. However, he noted that institutional buying is the main driver of the current rally compared to other cycles.
However, the analyst added that his outlook for BTC would change if the institutional buying trend reverses.
“The four-year cycle theory for Bitcoin and the market still holds true.
But at the end of the day, the driving force for the current cycle is corporate acquisitions, and if that direction changes, my view will be very different.”
*This is not investment advice.