Bitcoin Holds Steady Near $111K as Analysts Predict Major Upside Ahead

Bitcoin (BTC) is showing remarkable stability near the $111,000 level, even as it lags its typical October performance. While gold and silver hit new record highs and U.S. stocks extend gains, Bitcoin slipped 1.2% in the past 24 hours to around $111,500, underperforming traditional assets. The broader crypto market also saw mild pullbacks, with ether (ETH) and XRP down 3%, while solana (SOL) and dogecoin (DOGE) each dropped about 2%.

Despite this muted price action, several analysts remain bullish on Bitcoin’s outlook. At the Digital Asset Summit in London, Quinn Thompson, CIO of Lekker Capital, told attendees that Bitcoin could soon mirror gold’s strength. “I believe we’ll catch up to gold soon,” Thompson said, predicting a surge similar to the rallies seen in November 2024 and October 2023.

Echoing that optimism, Matt Mena, crypto research analyst at 21Shares, noted that Bitcoin’s resilience amid global uncertainty highlights strong structural demand, largely supported by ETF inflows and expectations of monetary easing. Mena projects Bitcoin could reach $150,000 by year-end, as reduced leverage and dovish policy shifts create a supportive environment.

Much of Bitcoin’s next move hinges on the Federal Reserve. The Fed’s latest Beige Book pointed to a softening labor market, reinforcing investor expectations for interest rate cuts in upcoming policy meetings. Fed Chair Jerome Powell also acknowledged labor market “softness,” signaling potential for continued easing—conditions historically favorable for risk assets like Bitcoin.

While Bitcoin’s short-term momentum trails other markets, analysts argue its current steadiness reflects strength, not stagnation—suggesting that a powerful breakout may be just around the corner.