It appears that extreme bullish sentiment is starting to cool after BTC reached its all-time high of around $66,900 two weeks ago.
Still, some analysts see room for a slight pullback as open interest rises in the bitcoin futures market.
Bitcoin tends to gain 11%-18% in the fourth quarter, which is one reason why some analysts have maintained their bullish outlook on crypto prices for the remainder of the year.
“Crypto is still under-owned and there is still a large knowledge gap,” but the industry is rapidly gaining traction among professional investors, crypto trading firm QCP Capital wrote in a Telegram chat.
Digital asset investment products saw a total of $288 million in inflows during the week ended last Friday, a report Monday by CoinShares showed.
Popular meme tokens saw large gains in October as cryptocurrency market sentiment improved, CoinDesk’s Lyllah Ledesma reported.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
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