KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Bitcoin’s rally above the $100,000 milestone on Wednesday has analysts and traders pondering how much further the cryptocurrency could climb.
Key Insights from Mark Arbeter
Next Target: $200,000:
- According to Mark Arbeter of Arbeter Investments LLC, Bitcoin could potentially double to $200,000, citing historical misjudgments about the cryptocurrency's potential.
Technical Patterns:
- Bitcoin’s surge was supported by a cup-with-handle pattern, a bullish chart formation.
- The base ranged between $15,000 and $70,000, indicating a measured move target of $125,000.
- A longer-term bullish channel since 2015 suggests Bitcoin could reach the $200,000 mark within 3 to 9 months.
Catalysts Behind the Rally
Regulatory Developments:
- President-elect Donald Trump announced Paul Atkins, a crypto-friendly nominee, as SEC chair, boosting investor sentiment.
Remarks by Federal Reserve Chair Jerome Powell:
- Powell compared Bitcoin's role to gold, further reinforcing its appeal as a store of value.
Psychological Thresholds:
- Breaking the $100,000 level marked a psychological milestone, previously seen as a significant barrier.
Market Context
Pullback:
- Bitcoin retreated slightly, trading near $98,700 on Thursday afternoon.
Broader Market Sentiment:
- Bitcoin's rise coincided with record highs in the Dow Jones Industrial Average (DJIA), S&P 500 (SPX), and Nasdaq Composite (COMP), driven by strong "animal spirits" in the market.
Outlook
Bitcoin’s journey above $100,000 reflects its growing maturity as an asset class, with technical indicators and macroeconomic catalysts suggesting further potential upside. While $125,000 seems a logical next step based on technical patterns, the $200,000 target remains a plausible medium-term goal if bullish momentum persists.
Investors, however, should remain vigilant, as pullbacks and volatility are inherent to the cryptocurrency market.
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