As you have all surely seen, the Bitcoin price has reached new highs this week. Despite this fact, analysts like Alex Thorn of Galaxy and Aurelie Barthere of Nansen see no signs of “overheating”. According to them, several fundamental factors indicate that the leading coin still has more growth potential.
Alex Thorn emphasized in his market report on November 7 that, from a fundamental perspective, the Bitcoin market does not seem overheated. This view is supported by the stability of funding rates, despite an increase in Bitcoin’s open interest (OI). A steady funding rate, like the current 0.0100% on Binance, suggests that the market remains optimistic about the Bitcoin price without signs of excessive speculation.
Aurelie Barthere noted that Bitcoin’s price action after Donald Trump’s election victory on November 5 is a clear indication of renewed risk appetite among traders, leading to further upward movement in the price.
Cryptotrader Matthew Hyland and other technical analysts see Bitcoin as being in a consolidation phase above its previous record high of $73,679, with a prospect of further rally. It is suggested that Bitcoin could potentially rise to the range of $78,000 to $85,000, in line with market bullish expectations.
The recent interest rate cut by the US Federal Reserve of 25 basis points on November 7 is seen as a positive development for cryptocurrencies. Lower interest rates make traditional investments less attractive, further fueling interest in riskier assets like Bitcoin.
Current market indicators and analyses suggest that Bitcoin is not overheated, despite the recent price spikes. This is confirmed by both fundamental and technical analyses, and supported by the macro-economic environment with lower interest rates. The consensus among analysts points to a potential for further price increases.
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