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#BtcPriceAnalysis The world's largest cryptocurrency Bitcoin has turned back from the brink of reaching a new record price. So what is expected next?
The bull wind is blowing strong in the cryptocurrency markets. Bitcoin climbed rapidly from the 120 thousand dollar level to 123,855 dollars, but it was unable to surpass its all-time high of 124,128 dollars.
Bitcoin is trading around $122,604 after a brief peak, pulling back slightly. BTC recorded a daily increase of 1.3%, while it gained over 11% on a weekly scale.
It is noted that Bitcoin has approached this closely for the first time since reaching a record level of 124,128 dollars in mid-August. Joe DiPasquale, CEO of BitBull Capital, stated in his remarks, "Bitcoin briefly tested record levels but pulled back due to profit realizations. The overall outlook is still positive; with the prolonged government shutdown directing investors towards alternative assets, an increase in Bitcoin demand is expected."
Strah Savinja, Head of Data and Analytics at FRNT Financial, argued that the perception of Bitcoin as a safe haven is strengthening: "The allure of BTC is not only becoming more visible but is also becoming more entrenched. This is becoming increasingly apparent in a time when trust in traditional institutions is eroding."
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