Bitcoin (BTC) registered an uptick in selling pressure on Thursday, briefly slipping below $120,000 to an intraday low of $119,713 before settling at $121,714. The flagship cryptocurrency is marginally down during the ongoing session, trading around $121,308. Analysts are optimistic about BTC’s price action, with Bitwise analysts predicting an ETF inflow surge in Q4, while the Mayer Multiple indicator suggests prices could hit $180,000 before slipping into overbought conditions. Bitcoin (BTC) Could Lose 50% Value Against Gold Bloomberg’s top strategist Mike McGlone believes Bitcoin could lose half of its value against gold. McGlone warned that the Bitcoin/gold ratio, currently around 30 ounces of gold for 1 Bitcoin, could fall to the mid-teens when market volatility returns. Such a drastic drop could wipe out years of relative gains and make Bitcoin’s “digital gold” argument significantly weaker. The warning comes as Bitcoin struggles to shore up momentum after settling at a new all-time high on Monday. “Bitcoin Could Halve vs. Gold - Model vs. Volatility. It's hardly profound to expect stock-market volatility to recover from multiyear lows, which might guide the potential for some mean reversion in the ounces of gold equal to a Bitcoin.” However, Bitcoin dominance has climbed to its highest level in nearly two months, indicating that investors are rolling capital back into the flagship cryptocurrency. 31 Crypto ETFs Filed In Two Months At least 31 crypto ETFs were filed with the United States Securities and Exchange Commission (SEC), with 21 filed during the first eight days of October. The ETF wave comes amid growing market optimism as Bitcoin registered record levels in October, dubbed “Uptober.” The rally comes amid rising geopolitical headwinds that could impact the global financial markets. However, analysts remain optimistic about crypto approvals. Bloomberg ETF analyst James Seyffart noted that 92 crypto ETFs are awaiting the SEC’s decision as of August 29. NovaDius Wealth Management president Nate Geraci had said at the time, “Look at all the crypto ETF filings out there... What I mean by ‘crypto ETF floodgates about to open soon.” The number has grown substantially over September and October, with 31 more ETFs filed, including 21 filed by REX Shares and Osprey Funds. Other funds include applications by iShares Bitcoin Premium Income ETF, Bitwise Hyperliquid ETF, Grayscale Stellar Lumens Trust, and Bitwise Avalanche ETF, all of which were filed in September. Bitcoin (BTC) Price Analysis Bitcoin (BTC) continues trading in the red during the ongoing session, down over 1% as selling pressure intensifies. The flagship cryptocurrency has struggled to rebuild momentum since Monday’s record high, falling nearly 3% on Tuesday and briefly slipping below $120,000 on Thursday before settling at $121,714. BTC is struggling to stay above $120,000 during the ongoing session, and is trading around $120,240. Meanwhile, minutes from the Federal Reserve’s September meeting showed broad support for at least two more rate cuts, strengthening expectations for the fourth quarter. Tim Misir, head of research at BRN, stated that the global liquidity cycle is turning, with central banks transitioning towards fiscal easing. Prediction markets have raised the odds of a rate cut to 90%. “Markets are experiencing synchronized softening across global funding conditions, which historically fuels risk-asset surges and Bitcoin bull cycles.” Meanwhile, US spot Bitcoin ETFs registered one of their largest single-day inflows earlier this week, recording $1.19 billion on Monday as Bitcoin surged to a new all-time high. The ETFs registered nearly $500 million in inflows on Wednesday as well, and were positive on Thursday as well. According to Thomas Chen, CEO of crypto infrastructure firm Function, ETF inflows are the strongest indication of institutional interest. Despite struggling after setting a new all-time high, analysts believe BTC could resume its bullish surge. According to analysts, the flagship cryptocurrency is clear of overbought conditions and could track a steady path upwards, potentially setting another all-time high. CryptoQuant contributor Arab Chain stated that BTC’s new all-time high places it halfway through its four-year price cycle. “Bitcoin (BTC) hit a peak high of over $126,000 on Monday, which places it roughly halfway through its four-year price cycle. Despite this strong performance, technical indicators suggest the price is still moving within a stable range far from the overbought conditions that typically precede historical peaks.” BTC started the previous weekend with a marginal drop on Saturday before rising by over 2% on Sunday and settling at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. Buyers retained control on Thursday as the price rose 1.65% to reclaim $120,000 and settle at $120,621. Bullish sentiment persisted on Friday despite volatility and selling pressure. As a result, BTC reached an intraday high of $123,996 before settling at $122,318. Source: TradingView Buyers retained control on Saturday as BTC registered a marginal increase and settled at $122,458. Bullish sentiment intensified on Saturday as BTC rallied, surging past $125,000 to a new all-time high of $125,559. However, it could not stay at this level and ultimately settled at $123,520. BTC surged to a new all-time high on Monday, crossing $126,000 to reach $126,296 before settling at $124,720. Despite strong bullish momentum, BTC retreated on Tuesday, falling nearly 3% and settling at $121,393. The price recovered on Wednesday, rising almost 2% to reclaim $123,000 and settle at $123,343. Selling pressure intensified on Thursday as BTC fell to an intraday low of $119,713 before reclaiming $120,000 and settling at $121,714. BTC has fallen below $120,000 during the ongoing session, with the price down over 2%, trading around $119,000. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
