Analysis: Bitcoin may rise to $98,100 in the next few weeks, it is recommended to buy when it falls back to $80,000

“Crypto markets are alive again,” Chris Weston, head of research at Pepperstone Group, wrote in a note, adding that reports of Trump Media and Technology Group’s proposed acquisition of Bakkt was “another positive news to boost sentiment.” Other developments, including Nasdaq Inc.’s plan to list options on BlackRock’s IBIT as early as Tuesday and Goldman Sachs Group Inc.’s push to spin off its digital asset platform, are signs that cryptocurrencies and their underlying blockchain technology are making inroads into the financial system. Trump has vowed to establish a supportive U.S. regulatory framework for digital assets and to build a strategic reserve of bitcoin. However, his timeline for fulfilling his promises and the feasibility of the reserve remain uncertain. These questions have sparked a discussion about whether bitcoin, as well as other cryptocurrencies, can continue to rise. The highest concentration of open interest in the options market is bullish bets on bitcoin reaching $100,000, according to Deribit data. Katie Stockton, technical analyst at Fairlead Strategies LLC, said some signals from chart patterns suggest bitcoin could rise to around $98,100 in the coming weeks. IG Australia Pty market analyst Tony Sycamore said he prefers to buy Bitcoin when it falls back to $80,000. (Bloomberg)