CoinEx analyst Mal Zane: BTC price is holding above $120,000 and the market is preparing for a new growth momentum
Bitcoin (BTC) prices have stabilized above $122,000 after a pullback from a peak of $126,000 in early October. According to Mal Zane, CoinEx's CIS Regional Manager, support from ETFs and growing investor demand are strengthening the market after the correction. He notes that institutional and retail buyers are once again increasing their positions in response to rising inflation expectations and political instability in the US. Under these conditions, interest in hedging strategies against currency depreciation, including gold and Bitcoin, is growing.
According to the expert, the synchronized rise of “hard assets”—gold, silver, and BTC—reflects a fundamental restructuring of capital structure. Last week, the price of gold, silver, and BTC exceeded $4,000, while the price of BTC approached $50, demonstrating strong demand for assets that can maintain value amid financial devaluation. Investors are thus shifting away from government bonds, which are exposed to the risks of budget deficits and debt growth, and toward safe haven assets.
Zane emphasized that the current phase is a structural shift toward macro hedging. According to him, Bitcoin is gradually becoming a tool for long-term protection against inflation and instability.
The expert believes that the BTC price rebound to $120,000 was a natural correction, allowing the market to shed excess leverage. Strong inflows into ETFs confirm the interest of large investors: over the past eight days, they have exceeded $5.7 billion, with $2.5 billion of that inflow occurring this week. At the same time, BTC balances on exchanges are declining, which is typical of accumulation phases before a new surge.
According to Zane, Bitcoin's relative undervaluation compared to gold could work to its advantage. The expert noted that the precious metal has risen in price by more than 50% since the beginning of the year, while BTC's potential in the “second wave of devaluation trade” has yet to be realized. Institutional and sovereign wealth funds diversifying their reserves away from the dollar could consider “digital gold” as a tool for long-term portfolio stabilization.
CoinEx analyst expects that if current conditions persist and the $120,000 level holds, Bitcoin could continue to rise to the $133,000–$135,000 range in Q4. A short-term correction to $117,000 before a new uptrend is not ruled out.
Source: cryptonews.net
