BTC has potential to hit new all-time high: analysts

Bitcoin (BTC) has the potential to hit a new all-time high (ATH) in the near future, The Block reported, citing analysts. Vincent Liu, Chief Investment Officer (CIO) at quantitative trading firm Kronos Research, stated that supported by strong technical momentum, BTC remains in consolidation around its record highs. Increasing adoption among institutional investors suggests BTC could be heading for a new ATH, Liu highlighted. Rachael Lucas, a crypto analyst at Australian crypto exchange BTC Markets, noted that BTC's Relative Strength Index (RSI) is now in the overbought zone. In the short term, a pullback or sideways consolidation may be observed. "A retest and consolidation above the key psychological level of $100,000 would be a healthy development and could provide a base for further upside," Lucas added.