Bitcoin Could Soon Reach New ATHs – Analyst Explains Reasons

Bitcoin could soon reach new ATHs, and analysts are expecting to see the king coin continue to explode.

Crypto analyst Benjamin Cowen said that Bitcoin bears are worried as BTC’s technicals continue to look more and more bullish.

Not too long ago, Cowen said that traders that have been anticipating a bear market ever since the king coin suffered a correction back in May are running out of ways to justify it on the chart.

He says that no matter what happens in the next few days or weeks, he ultimately sees the king crypto reaching towards new ATHs.

“The bears are running out of lines to redraw. I’ve seen them around, they’re getting a bit more skittish than they used to be a few weeks ago, but it’s only a matter of time before the bears have to throw in the towel because right now I think they’re on life support…”

He continued and stated the following:

“What do we know with Bitcoin? Time is on our side. Whatever happens tomorrow whatever happens next week, what do we know? Time is on our side. Don’t miss the forest for the trees, just stay focused, nothing has changed. Ultimately I do think Bitcoin will prevail and trend much higher than a very modest $64,000-$65,000.”

At the moment of writing this article Bitcoin is trading in the red and the king coin is priced at $60,804.51.

Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

Crypto wealth is approx 50bps of global wealth. That means if you don’t have at least 1/2 percent invested in crypto you are short the global benchmark. Most institutions are still at 0. As they move in, that number will go to 1 then 2 then….
The cycle has started.

— Mike Novogratz (@novogratz) October 16, 2021

Stay tuned for more news.