#bitcoin☀️ Could Hit a New All-Time High
A cryptocurrency analyst on the Thinking Crypto podcast predicted that Bitcoin could reach an all-time high of $73,794 this quarter. The analyst pointed to various market indicators suggesting that the cryptocurrency market is gaining momentum.
Although Bitcoin did not meet many investors' expectations in October, it maintained a positive outlook. At the time of writing, #BTC☀ was trading at $64,103, marking a 30% recovery from its dip following the March all-time high. Bitcoin fell below $50,000 in August but has since resumed its upward trend.
Opportunity to "Buy the Dip"
The analyst suggested that traders could take advantage of price drops as an opportunity to "buy the dip." He also referenced another analyst, Cryptowzrd, who described the current movement of Bitcoin as a "golden trap," stating that gold is paving the way for Bitcoin and that a parabolic rally is already underway.
DXY: Bearish, Avalanche: Bullish
The Thinking Crypto analyst also pointed out that the Dollar Currency Index (DXY) is showing bearish signals on the daily chart as it approaches the overbought zone on the RSI metric. DXY, commonly used by traders to predict market trends, typically inversely correlates with cryptocurrencies. The bearish signs from DXY suggest that the crypto market may be primed for a rally.
In addition to Bitcoin, the analyst highlighted the bullish momentum within the Avalanche ecosystem. A blockchain-based gaming protocol has seen significant growth. Specifically, the Off The Grid game, launched on the Epic Games Store, has gained notable traction and boosted the adoption of the AVAX token, leading to a 20% price increase in the last five days.
Innovation in Gaming Industry Fuels Avalanche's Growth
The Off The Grid game, a Battle Royale-style player-versus-player game, introduced a marketplace built on the Avalanche blockchain. This marketplace opened up new possibilities for secondary and tertiary trading with trust and validation, contributing to the expansion of the Avalanche ecosystem.
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