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Despite reaching record highs this week, Bitcoin (BTC) 
$104,728 shows no signs of overheating. Many analysts believe that Bitcoin may continue to rise further.
No Signs of Overheating in Bitcoin
Alex Thorn, Head of Research at Galaxy Research, stated in a report dated November 7 that “there is no sign of overheating in the market from a fundamental perspective.” Analyst Aurelie Barthere from the crypto analysis firm Nansen shared a similar sentiment, noting that Bitcoin surpassing its all-time high with high volume indicates positive momentum following the elections. She added that investor risk appetite has increased following Donald Trump’s victory in the U.S. presidential election, which has triggered upward movement in cryptocurrencies.
On the other hand, Bitcoin’s Open Interest in futures has seen a slight increase toward annual highs. However, Thorn noted that funding rates have largely remained unchanged. While rising Open Interest can sometimes create volatility concerns among market participants, a positive funding rate indicates investors’ optimistic expectations for Bitcoin’s price.
Growing Expectations for Bitcoin’s Continued Rise
Thorn predicts that in the next 12-18 months, Bitcoin and altcoins will trade significantly above current peak levels. According to technical analyses conducted on November 7, investors expect Bitcoin to rise between $78,000 and $85,000. Currently, Bitcoin is trading around $76,000. Crypto analyst Matthew Hyland noted that Bitcoin is consolidating above its previous peak of $73,679 and aims to maintain an upward trend.
Furthermore, experts anticipate that the U.S. Federal Reserve’s decision to cut interest rates by 25 basis points on November 7 will have a positive impact on cryptocurrencies. This is expected to decrease the attractiveness of traditional investment vehicles, potentially increasing demand for cryptocurrencies. Whether Bitcoin can maintain these levels and the sustainability of the ongoing trend will become clearer in the coming weeks with more data.
