Market Wrap: Analysts Expect Further Upside After Bitcoin Hits All-Time High

Posted on by American Coins & Gold

Market Wrap: Analysts Expect Further Upside After Bitcoin Hits All-Time High
Bitcoin rallied to an all-time high of around $66,000 on Wednesday, reversing a nearly 50% correction earlier this year. Traders remain optimistic and expect further upside across cryptocurrencies as the ProShares Bitcoin Strategy ETF (NYSE: BITO), the first U.S. bitcoin-linked exchange-traded fund, made its debut on Tuesday.At this point, “short-term corrections outweigh the positive expectations for the final momentum of the BTC rally,” Alex Kuptsikevich, a senior analyst at FxPro, wrote in an email to CoinDesk.Further upside, however, could be limited if buyers fail to sustain the rally. Kuptsikevich warned that reaching a new high (or a series of highs)…