Experts Predict Bitcoin to Surge to $65,000 as Cryptocurrency Market Remains Stable

Analysts predict Bitcoin Bitcoin/USD to hit $65,000 in the near term, citing increasing long positions and bullish options activity, as the leading cryptocurrency remains stable above $62,000. Meanwhile, Ethereum ETH/USD climbed 3.5% to $2,547 as both cryptocurrencies saw strong ETF inflows.

What happened:Bitcoin is currently trading at $62,950, down 1% in the past 24 hours after hitting a high of $64,082 earlier in the day. Ethereum hit $2,562 before settling at its current price.

Despite Bitcoin’s decline, the cryptocurrency market is showing signs of strength, with substantial inflows into Bitcoin and Ethereum spot ETFs.

On September 19, Bitcoin spot ETFs saw a total net inflow of $158 million, according to data from SoSo Value.

Ark Invest and 21Shares‘ ETF ARKB led with a net inflow of $81 million in a single day, while LoyaltyETF of FBTC saw $49.8 million.

Ethereum spot ETFs also saw positive momentum, with a total net inflow of $5.2 million on the same day, entirely attributed to BlackRockETF of ETHA.

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Speaking with Benzinga, Illia OtychenkoSenior Analyst at CEX.IOsaid there is a clear preference for long positions in both futures and options markets.

“Bitcoin open interest in the futures market has increased by 13% over the past two days, with the volume-weighted funding rate indicating that traders are increasingly long, betting on price gains,” Otychenko said.

He also noted a 10% increase in open interest in the Bitcoin options market, with over 56% of the daily volume consisting of call (bullish) positions, focused on a $65,000 strike price for the September 27 expiration.

Dary McGovernChief Operating Officer Xapo Bankhighlighted Bitcoin’s potential as a hedge against economic uncertainty.

“As the Fed’s interest rates pull back from recent highs to spur spending, Bitcoin is perfectly positioned to hedge against currency debasement and inflation, much in the same way gold has been used for centuries,” McGovern said.

“Bitcoin’s status as a global currency makes it a unique store of value. Its fixed supply, its potential for appreciation and its decentralization, independent of the economic policy of a given country,” he added.

And then?:Industry leaders and enthusiasts are now eagerly awaiting Benzinga’s Future of Digital Assets event on November 19, where new insights into the future of Bitcoin, Ethereum, and the broader cryptocurrency ecosystem are expected to be shared.

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