Bullish Spell Looms for BTC as SHIB Centers Altcoin Talks

The BTC price managed to preserve gains accumulated in the past week and hit a five-month high above $57K. Nonetheless, the flagship crypto made a slight correction earlier today. The uptrend indicates that the BTCUSD pair edges closer to surmounting the final resistance levels before a retest of highs.

According to a tweet by analyst Pentoshi, the BTC price uptick is not over yet. The crypto expert pointed to underperforming altcoins that are bleeding into bitcoin as a reason to be optimistic about the top crypto’s prospects in the short term.

BTC Price to top at $350K by 2022, Analyst Says

The ongoing bitcoin surge continues to delight market participants, with several crypto analysts setting extremely bullish price targets for the king coin.

James Seyffart, an analyst for Bloomberg Intelligence, looked at the prospects of an imminent bitcoin ETF in the US. He argued that the SEC’s expected approval of the product at the end of October would fuel a bullish year-end narrative for the flagship cryptocurrency.

Meanwhile, crypto analyst Daniel Joe examined the accumulation of bitcoin by whales. He noted that there is no sign these big-money investors plan to offload their coins, a bullish sign.

“BTC Mean Coin Age made a higher low and continues the uptrend of strong accumulation in LTHs. No signs of whale exit liquidity,” Daniel Joe tweeted.

Perhaps the most optimistic prediction came from popular Youtuber and crypto expert Kevin Svenson. In a recent podcast, the analyst set a price target of $350K by the end of the current bull run in 2022. Svenson argued that BTC would hit those staggering heights if the current stock-to-flow model plays out similarly to 2017.

Settlement Volume on Bitcoin Network Sets Record High

The Bitcoin blockchain has seen a rapid uptick in activity over the past week. Daily settlement volume hit a lifetime high of $31 billion on October 6. Famous analyst Pompliano tweeted that the surging activity proves that the global decentralized payment network continues to establish itself in the global financial system.

Willy Woo was equally impressed by the surging settlement value on Bitcoin. He commented that the volume of money currently moving on the blockchain drafts that of centralized payment platforms Mastercard and Visa for US customers.

Shiba Inu Dominates Altcoin Talks

Dogecoin spin-off Shiba Inu (SHIB) is the hottest topic in the altcoin market after jumping a staggering 230% over the past week. That run has caught the attention of Michael Burry, a celebrity investor and founder of Scion Asset Management firm. Burry is perhaps best known for foreseeing and cashing in on the mid-2000s mortgage crisis.

The famous investor commented on the SHIB rally in a recent tweet, dismissing the Dogecoin-inspired cryptocurrency as a ‘pointless‘ investment.  He noted that SHIB has a big supply, hinting that its circulation limits the token’s prospects of appreciating.