Since November 5, the day President-elect Donald Trump secured another term in office, Bitcoin has experienced a remarkable uptrend, reaching a new all-time high of $93,300. Since then, BTC has been trading within a narrow range between $89,000 and $92,000, positioning for a potential move toward the $100,000 milestone. This raises an intriguing question whether a price of $1 million per coin is feasible over the next decade. A Long-Term Vision For Investors Market expert VirtualBacon has conducted an in-depth analysis of these possibilities, delving into the numbers, trends, and catalysts that could propel Bitcoin to experience a surge of nearly 1,000% from its current price levels. Within the current market cycle, the expert forecasts that Bitcoin could hit $200,000 in the next one to two years. However, he notes that while this milestone is significant, altcoins may offer higher returns at a greater risk, often crashing by 80% to 90% in bear markets. In contrast to altcoins, which face increasing regulatory scrutiny, Bitcoin stands out as a safer long-term investment. VirtualBacon argues that Bitcoin’s potential is not just confined to the next few years but spans a decade or more. Related Reading: Bitcoin Price Forecast: Fundstrat Sees BTC ‘Comfortably’ Over $100,000 This Year To understand why Bitcoin’s price could reach $1 million, VirtualBacon asserts that investors need to consider its fundamental utility as a store of value. Bitcoin’s fixed supply of 21 million coins, its global accessibility, and its resistance to censorship and manipulation make it a compelling alternative to traditional financial assets. The expert suggests that if Bitcoin is to become recognized as the digital gold of the 21st century, reaching a market capitalization that rivals gold’s estimated $13 trillion is not merely a theoretical possibility but “a logical outcome.” Key drivers for this potential growth include increasing participation from asset managers, corporate treasuries, central banks, and wealthy individuals. Recent data indicates that Bitcoin ETFs have seen record inflows, with $1 billion invested last week, reflecting growing institutional confidence. Additionally, discussions among corporations, such as Microsoft considering Bitcoin reserves, further enhance its strategic value. Wealthy individuals are also beginning to adopt Bitcoin as a standard portfolio allocation, with even a modest 1% investment becoming commonplace among billionaires. What Does Bitcoin Need To Reach $1 Million? For Bitcoin to reach the $1 million mark, two critical factors must be analyzed: global wealth growth and portfolio allocation. VirtualBacon notes that in 2022, total global wealth was estimated at $454 trillion, and projections suggest this could grow to $750 trillion by 2034. Currently, gold holds approximately 3.9% of global wealth, while Bitcoin is at a mere 0.35%. If Bitcoin’s allocation in global portfolios rose to just 3%, still significantly below gold’s share, its market cap could soar to $20 trillion, pushing the price to $1 million per coin. Historically, gold’s market cap saw significant growth following the launch of exchange-traded funds in 2004, with its portfolio allocation increasing from 1.67% to 4.74% over the next decade. Related Reading: Analyst Predicts Rapid Dogecoin Surge To $1: The Timing May Surprise You If Bitcoin follows a similar trajectory, its allocation could rise from 0.35% to 1.05% or more, translating to a market cap of approximately $7.92 trillion, equating to about $395,000 per Bitcoin. Therefore, reaching $1 million doesn’t require Bitcoin to surpass gold; it must capture about 57% of gold’s projected market cap by 2034. With gold representing 4.7% of global portfolios compared to Bitcoin’s 0.35%, a modest increase in Bitcoin’s share of global wealth to 3%—just 60% of gold’s allocation—could “easily” result in a $20 trillion market cap and a $1 million price point. At the time of writing, BTC is trading at $92,240, up 7% every week. Featured image from DALL-E, chart from TradingView.com
Crypto analyst Ali Martinez has provided insights into what the Bitcoin price trajectory could look like in the coming weeks. Interestingly, the analyst predicted that Bitcoin could rally to $138,000 and then experience a 30% price crash. Why Bitcoin Could Rise To $138,000 And Crash After In an X post, Martinez alluded to historical trends to explain why the Bitcoin price could rally first to $138,000 and then crash by 30% after. He stated that during the 2017 bull market, Bitcoin surged 156% past its previous all-time high (ATH) before the first major correction of 39%. Similarly, BTC rallied 124% in the 2020 bull run before it witnessed a 32% correction. Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent If history were to repeat itself, Martinez predicts that the Bitcoin price could rally to at least $138,000 before experiencing its first major pullback. Bitcoin has cooled off in the last few days following its parabolic rally after Donald Trump won the US presidential elections. However, the analyst recently mentioned what needed to happen for the flagship crypto to break above $100,000 and possibly reach this $138,000 target. He stated that the BTC price needs to achieve a sustained daily close above $91,900 to invalidate its bearish outlook at the moment and rally to $100,680. This came as he explained why Bitcoin could witness a price correction soon enough. Martinez noted that the greed index was currently at its peak, which is usually bearish for the Bitcoin price since investors could be overleveraging their positions, leading to a massive flush. Meanwhile, in his most recent X post, Ali Martinez indicated that this Bitcoin price rally above $100,000 would happen before the significant price correction. This time, he upped his target to $150,000, stating that the breakout could happen the next day or two before the 30% price correction. Price Could Double From Previous ATH In Next Three Weeks Crypto analyst Kevin Capital predicted that the Bitcoin price could double in the next three weeks. He noted that in every Bitcoin cycle after BTC broke its previous ATH, the crypto went into price discovery and doubled its price in four to six weeks. According to Kevin, BTC is 45% to 50% away from doubling its price from the previous ATH of $73,000 and is on week three of price discovery. Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? The analyst stated that if the BTC price doesn’t record this 45% to 50% rally in the next three weeks, it is technically underperforming previous bull markets. However, it is worth mentioning that this cycle is the only one in which the Bitcoin price has reached a new ATH before the halving event, which took place earlier this year. At the time of writing, the Bitcoin price is trading at around $91,900, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price is consolidating gains near the $91,000 zone. BTC is holding gains and might soon aim for more upsides above the $94,000 level. Bitcoin started a fresh increase above the $91,000 zone. The price is trading above $91,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $93,200 resistance zone. Bitcoin Price Could Rally Again Bitcoin price remained supported above the $90,000 level. BTC formed a base and started a fresh increase above the $91,000 level. It cleared the $93,000 level and traded to a new high at $94,000 before there was a pullback. There was a move below the $93,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high. However, the price is stable and consolidating near the $92,000 level. Bitcoin price is now trading above $91,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high. On the upside, the price could face resistance near the $92,600 level. The first key resistance is near the $93,200 level. A clear move above the $93,200 resistance might send the price higher. The next key resistance could be $94,000. A close above the $94,000 resistance might initiate more gains. In the stated case, the price could rise and test the $98,000 resistance level. Any more gains might send the price toward the $100,000 resistance level. Another Pullback In BTC? If Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $91,700 level. The first major support is near the $90,700 level. The next support is now near the $89,500 zone. Any more losses might send the price toward the $87,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $91,700, followed by $90,700. Major Resistance Levels – $92,600, and $94,000.
The Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern formation has come amidst a back and forth between $93,477 and $85,970 after the Bitcoin price reached an all-time high of $93,477 on November 14. The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator. Symmetrical Triangle Points To A Bitcoin Price Breakout A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation. As the price approaches the apex of this formation, it typically breaks out in the direction of the prevailing trend. Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? In the case of Bitcoin, the Bitcoin price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows for about the past week. This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction. For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a spike in trading volume and at least two consecutive closes beyond the trendline. Commenting on this setup, the Stockmoney Lizards stated, “The current setup suggests a potential breakout to the next level. All eyes are on 100k. This is when retail investors will crush the candy store and the real fun will start.” Such a breakout, if confirmed, could lead Bitcoin to establish new highs above the six-digit threshold of $100,000, which in turn would trigger a wave of inflows into other cryptocurrencies. Next Bitcoin Price Target: $100,000 The psychological milestone of $100,000 has been a focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month. Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This means it has effectively broken out of the symmetrical triangle since Stockmoney Lizards’ technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis. Now that the breakout of the symmertical triangle has been effectively confirmed, it remains to be seen whether the Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point to go, with the demand for Bitcoin currently far outpacing the supply. Featured image created with Dall.E, chart from Tradingview.com
Several recent bullish predictions from seasoned crypto analysts imply that Bitcoin might undergo another massive rally in the upcoming days, which may trigger a move to unprecedented levels. This anticipated move suggests a transformative period for the largest crypto asset as the general market sentiment improves. Bitcoin’s Dynamics Points To A Parabolic Path Considering current […]
Bitcoin (BTC) has achieved a historic milestone, reaching $94,000 for the first time, fueled by a significant uptrend since November 5, the day President-elect Donald Trump secured his re-election. Trump’s promise to bring regulatory clarity to digital assets has ignited a strong rally, with BTC recording a 40% increase in just two weeks. ‘Prepare For Possible Seven-Figure BTC Prices’ This surge reflects increased buying pressure and correlates with growing inflows into Bitcoin exchange-traded funds (ETFs). Yet, speculation surrounding a potential US Bitcoin strategic reserve has further bolstered investor confidence. Related Reading: Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control? Blockstream CEO Adam Back, a long-time advocate for Bitcoin, has suggested that if the US were to establish a strategic Bitcoin reserve, investors should prepare for the possibility of seven-figure Bitcoin prices in this market cycle. Back stated: if the US Strategic Bitcoin Reserve happens prepare for 7 figure Bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in. Market expert Anthony Pompliano highlighted that discussions around this initiative are intensifying as pro-crypto Senator Cynthia Lummis has introduced legislation to put the reserve into action, while Trump has previously committed to utilizing the approximately 200,000 BTC already held by the US government. Bitcoin To $150,000 In 2025? Despite these proposals, Pompliano argues that they do not go far enough. He advocates for a more aggressive approach, suggesting that the US should print $250 billion on the first day of Trump’s presidency and invest the entire amount into Bitcoin. Pompliano outlines that the proposed $250 billion investment could purchase nearly 2.8 million BTC at the current price. However, recognizing that the US government’s purchases would likely influence market prices, he estimates the average purchase price could rise to $150,000 per coin, resulting in the acquisition of approximately 1.6 million BTC. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed Combined with the 200,000 Bitcoin already held, this would position the US as the largest holder of Bitcoin globally, with a total of 1.8 million BTC. Pompliano asserts that this strategy, while seemingly costly, would represent a prudent financial move with the potential for significant long-term benefits. At the time of writing, BTC is trading at $93,770, up 5% on the weekly time frame. Featured image from DALL-E, chart from TradingView.com
A financial research company analyst expects Bitcoin to continue its price surge until year-end as it rides on bullish technical indicators and increasing market demand. In a CNBC interview uploaded via YouTube, Fundstrat’s Tom Lee shared his thoughts on Bitcoin’s continuing dominance in the context of incoming US President Donald Trump’s convincing election. Related Reading: […]
With President-elect Donald Trump’s recent commitment to using Bitcoin as a strategic reserve asset for the United States, speculation regarding the timing and feasibility of this initiative has intensified within the crypto industry. This proposal, first articulated during the 2024 National Bitcoin Conference in Nashville earlier this year by Trump and pro-crypto Senator Cynthia Lummis, […]
In the wake of President-elect Donald Trump’s victory on November 5, there has been a notable surge in interest surrounding Bitcoin (BTC) and other digital assets. This trend is prompting global firms and governments to explore integrating leading cryptocurrencies into their treasury reserves, a shift that reflects a broader acceptance of digital currencies, particularly in the […]
Tom Lee, the head of research at independent financial analysis firm Fundstrat, has reiterated his optimistic outlook for the Bitcoin price, predicting that the cryptocurrency is on track to reach the $100,000 mark before the year concludes. Optimistic Bitcoin Price Outlook In a recent appearance on CNBC’s Squawk Box, Lee discussed the implications of the political landscape following Donald Trump’s victory over Kamala Harris in the presidential election, suggesting that Bitcoin could play a pivotal role in the upcoming administration. Lee articulated that Bitcoin could serve as a solution to some of the United States’ fiscal challenges, particularly if it is designated as a national reserve asset—a promise made by Trump earlier this year at the National Bitcoin Conference in Nashville. Related Reading: Trump Social Media Firm In Talks To Expand Into Crypto With Bakkt Acquisition The Fundstrat executive also highlighted Bitcoin’s robust security features and its underlying blockchain technology, arguing that these elements position it as a viable alternative to some existing financial structures. Lee believes that Bitcoin’s attributes could address several issues inherent in the current economic framework, further boosting its appeal among investors. When discussing his price forecast, Lee expressed confidence, stating, “I think comfortably over $100,000 makes sense before the end of the year.” Lee noted that the current Bitcoin price trajectory is consistent with historical patterns observed during previous Halving cycles, events that typically reduce the rate at which new BTC are created and ultimately have a positive impact on price action. Key Support Levels Identified Crypto analyst Ali Martinez also provided insights into the current Bitcoin price price dynamics, but drawing parallels with historical market behavior. He noted that during the 2017 bull market, Bitcoin surged by 156% beyond its previous all-time high before experiencing a significant correction of -39%. Similarly, in 2020, Bitcoin rose 121% prior to a -32% pullback. Based on these patterns, Martinez suggests that Bitcoin could potentially reach at least $138,000 before facing its first major correction. Further analyzing past trends, Martinez pointed out that after Bitcoin broke its previous all-time high of $19,700 in 2020, it initially surged by 26%, consolidated for about a week, and then jumped to $40,000. Currently, Bitcoin has increased by 28% after surpassing its previous all-time high and has been consolidating for the past six days, leading Martinez to speculate that history might be repeating itself. However, he also cautioned that Bitcoin could be on the verge of a steep correction. He highlighted a growing sense of greed among crypto enthusiasts as evidenced by a notable spike in Google search interest for Bitcoin, reflected in the profits realized by investors, who have collectively taken home over $5.42 billion. Related Reading: MicroStrategy Makes Record $4.6 Billion Bitcoin Purchase, Largest Yet From a technical analysis standpoint, Martinez flagged the TD Sequential indicator, which has presented a sell signal on Bitcoin’s daily chart. Additionally, the Relative Strength Index (RSI) suggests that Bitcoin is currently in overbought territory, signaling potential for a price pullback. In the event of a correction, Martinez identified key support levels to monitor, specifically between $85,800 and $83,250, as well as further down at $75,520 to $72,880. The analyst emphasized that for a bullish outlook to remain intact, the Bitcoin price needs to maintain a sustained daily close above $91,900. Such a close could invalidate the bearish sentiment and potentially trigger a breakout toward a target of $100,680. As of this writing, the leading digital asset is trading at $90,970, up nearly 2% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
Bitcoin price is consolidating gains near the $90,000 zone. BTC is showing positive signs and might soon aim for a fresh increase above $92,000. Bitcoin started a fresh increase above the $90,000 zone. The price is trading above $90,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $92,600 resistance zone. Bitcoin Price Aims Another ATH Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before it found support. A low was formed at $86,621 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $92,607 and the price is now consolidating. It is trading near the 23.6% Fib retracement level of the upward move from the $86,621 swing low to the $92,607 high. Bitcoin price is now trading above $90,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $86,621 swing low to the $92,607 high. On the upside, the price could face resistance near the $92,000 level. The first key resistance is near the $92,500 level. A clear move above the $92,500 resistance might send the price higher. The next key resistance could be $93,200. A close above the $93,200 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $98,000 resistance level. Another Drop In BTC? If Bitcoin fails to rise above the $92,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $90,000 level. The first major support is near the $89,650 level. The next support is now near the $88,000 zone. Any more losses might send the price toward the $86,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $89,650, followed by $88,000. Major Resistance Levels – $92,000, and $92,500.
Business intelligence firm MicroStrategy has ramped up its Bitcoin (BTC) investment following President-elect Donald Trump’s victory in the presidential election. This pivotal moment on November 5 has provided a catalyst for the broader crypto market, further encouraging investment in digital assets. Bitcoin Holdings To Over $29 Billion Led by Bitcoin advocate Michael Saylor, MicroStrategy disclosed on Monday that it has acquired approximately 51,780 Bitcoin for around $4.6 billion. This acquisition marks the largest purchase by the company since it began its Bitcoin buying strategy more than four years ago. According to a filing with the US Securities and Exchange Commission, the tokens were purchased between November 11 and November 17. With this latest acquisition, MicroStrategy’s total Bitcoin holdings now exceed $29 billion or 331,200 BTC. Related Reading: Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target Saylor’s journey into Bitcoin began in 2020 as a strategy to hedge against inflation. Initially funded through cash reserves, the company has since pivoted to using proceeds from stock issuances and convertible debt sales to enhance its purchasing power in the cryptocurrency market. Michael Saylor has also reaffirmed his commitment to this strategy. He aims to raise $42 billion over the next three years to further strengthen the company’s BTC portfolio and transform Microstrategy into a leading crypto bank. BTC Yield Rises To 20.4% Amid Market Optimism Recent data from South Korea-based crypto analytics firm CryptoQuant highlights the impact of MicroStrategy’s latest purchase on its Bitcoin statistics: BTC Holdings: Increased from 279,420 BTC to 331,200 BTC MSTR Realized Price: Rose from $42,692 to $49,874 MSTR Market Value to Realized Value (MVRV): Adjusted from 2.12 to 1.80 Percentage of BTC Owned by MicroStrategy: Increased from 1.412% to 1.674% This latest transaction follows closely on the heels of another significant acquisition on November 11, during which Saylor noted that the company’s treasury operations had yielded an 7.3% in Bitcoin, translating to a net benefit of approximately 18,410 BTC for shareholders. However, with Monday’s announcement and the notable uptrend in the Bitcoin price over the past two weeks, Saylor revealed that these metrics have risen to a BTC yield of 20.4% and a net benefit to shareholders of 51,470 BTC. Related Reading: Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours – Consolidation Phase Ahead? The correlation between MicroStrategy’s stock (MSTR) and Bitcoin’s price has also been particularly noteworthy in recent weeks. Following Bitcoin’s record high of $93,300 on November 13, MicroStrategy’s stock also reached an all-time high of $383. Yet, as the leading digital asset of the market retraced to around $90,650—a 9% increase over the past week—MSTR’s share price also declined to approximately $359 over the past weekend, underscoring the strong relationship between the cryptocurrency and the firm’s stock performance. Featured image from DALL-E, chart from TradingView.com
Spot Bitcoin ETFs hurdle its biggest legal roadblock to date after the US Commodity Futures Trading Commission (CFTC) clarified that it’s no longer taking a role in clearing BTC ETF options. In a staff advisory dated November 15th, the CFTC, through its Division of Clearing and Risk, announced that it was transferring the approving authority […]
Bitcoin price saw a short-term correction below the $90,000 zone. BTC is now again rising and the bulls could now aim for a move above $94,000. Bitcoin started a fresh increase from the $86,600 zone. The price is trading above $88,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $91,000 resistance zone. Bitcoin Price Aims Higher Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before the bulls appeared. A low was formed at $86,622 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $91,839 and the price is now consolidating. It tested the 50% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. Bitcoin price is now trading above $88,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $91,000 level. There is also a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $91,850 level. A clear move above the $91,850 resistance might send the price higher. The next key resistance could be $92,500. A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level. Another Decline In BTC? If Bitcoin fails to rise above the $91,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $89,250 level. The first major support is near the $87,850 level or the 76.4% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. The next support is now near the $86,620 zone. Any more losses might send the price toward the $83,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $89,250, followed by $87,850. Major Resistance Levels – $91,000, and $92,500.
Cathie Wood, CEO of asset manager and crypto ETF issuer ARK Invest, has long maintained her bullish outlook on Bitcoin, and her recent comments reinforce her optimistic projections for the largest cryptocurrency. Following Donald Trump’s electoral victory over Vice President Kamala Harris last week and Bitcoin’s recent surge to an all-time high of $93,250, investor sentiment surrounding Bitcoin has notably improved. Anticipated Regulatory Relief In a recent interview on CNBC’s Squawk Box, Wood discussed her expectations for Bitcoin’s price trajectory. She stated that ARK Invest’s targets for 2030 range between $650,000 and, in a bullish scenario, between $1 million and $1.5 million. Ark’s CEO attributed the current uptrend in Bitcoin’s value to several catalysts, particularly the anticipated regulatory relief that could come from Trump’s new administration. Related Reading: Major Hindrances To Dogecoin Price Hitting $1 According To This Crypto Analyst The now 47th President of the United States has vowed to make significant changes, particularly in the leadership of the US Securities and Exchange Commission (SEC), headed by Gary Gensler and characterized by lawsuits, Wells Notices and increased scrutiny of key industry players. This has led to notable discontent over the past three years of his tenure at the regulatory agency, prompting executives and investors in the digital asset ecosystem to call for a change for a clearer regulatory framework that could invite further adoption and growth of the market. However, Trump promised to fire Gary Gensler on the first day of his new administration, which is expected to begin on January 20. He also vowed to make America the “crypto capital of the world” with a new framework and support for digital assets, with Bitcoin at the center of his economic agenda. This has resonated well with industry advocates, as evidenced by the broader market rally led by the market’s largest digital assets, which have risen nearly 25% since Trump’s election victory. Bitcoin As A Unique Asset Class During the interview, Wood also highlighted that ARK Invest was the first public asset manager to invest in Bitcoin when it was priced at just $250 in 2015. The asset manager believes that even at approximately $90,000, Bitcoin still has significant growth potential. According to Wood, Trump’s victory is pivotal, as it signals a shift toward a more favorable regulatory environment for the cryptocurrency sector—an outcome she views as crucial for Bitcoin’s future. Related Reading: XRP Breaks Above Multi-Year Resistance – Top Analyst Shares Price Target Furthermore, Wood emphasized that Bitcoin has evolved into a distinct asset class, separate from traditional currencies. She believes that this shift indicates that institutional investors and asset allocators are increasingly looking to include Bitcoin in their portfolios, recognizing its potential as both a store of value and a hedge against inflation. At the time of writing, BTC is hovering around the $90,120 mark, still up 16% in the weekly time frame, despite the current retracement experienced over the past 48 hours. Featured image from DALL-E, chart from TradingView.com
Crypto analyst CryptoCon recently alluded to a Bitcoin ‘Golden Multiplier Ratio,’ which he suggested paints a very bullish picture of the Bitcoin price. Based on this, the analyst remarked that the party was just getting started, indicating that the flagship crypto is likely going much higher. Bitcoin Golden Ratio Multiplier Indicates Price Is Going Higher In an X post, CryptoCon highlighted how the Bitcoin Golden Multiplier Ratio indicates that the price is going much higher. He cited level 5 of the Golden Ration Multiplier, which he claimed is dual-purpose for the mid-top and cycle top. The analyst mentioned that Bitcoin formed the mid-top at level 5 in March earlier this year when it reached its previous all-time high (ATH) of $73,000. Related Reading: Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market CryptoCon further mentioned that it seems likely that Bitcoin will hit this level again before this market cycle is over. The analyst added that the level 5 band has increased to $122,000, and it is still climbing. In line with this, he remarked that the party is just getting started, indicating that the Bitcoin rally could still rally way higher and even reach this $122,000 target. In an earlier X post, CryptoCon also used the Magic Bands indicator to provide insights into Bitcoin’s price action and how high it could reach in this bull run. He said Bitcoin is racing to meet level 3 of the Magic Bands at $98,720. He added that the bands are set to rapidly expand to the upside as they adjust for the volume beyond the ATHs. Based on this, the analyst said that the cycle top target is now $134,000 and that the Bitcoin price could gain $1,000 weekly. CryptoCon remarked that he anticipates the cycle top sometime in late 2025. That means there is a lot of time for the bands to expand to higher prices, indicating that the Bitcoin price could rise higher. BTC Primed To Reclaim Local Highs Crypto analyst CrediBULL Crypto stated that the Bitcoin price looks primed to move to the local highs as long as the $87,700 level isn’t breached. The analyst also mentioned that a clear and impulsive move above the local highs at $93,800 would send Bitcoin above $100,000, making the possibility of dropping to $72,000 unlikely until the next bear market. Related Reading: Major Hindrances To Dogecoin Price Hitting $1 According To This Crypto Analyst However, if that clear and impulsive move doesn’t happen, CrediBull Crypto stated that it would imply that the move is corrective and makes the odds of retesting the range between $70,000 and $72,000 exponentially higher. He suggested that BTC could even drop below $70,000. At the time of writing, the Bitcoin price is trading at around $91,200, up almost 4% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Many analysts aren’t surprised by the recent price surge of Bitcoin to $80,000, given Donald Trump’s convincing victory in the recently concluded US national elections. Some market analysts and observers offer even bolder projections, fueled by rumors of a Bitcoin strategic reserve and the possible approval of the Bitcoin Law. Related Reading: Bitcoin Lifeline: Michael […]
Bitcoin recorded another remarkable price performance in the past week, gaining by 19.16% according to data from CoinMarketCap. The crypto market leader established a new all-time high at $93,434 on Wednesday, as odds of achieving a six-figure market price by year’s end are now higher than before. Amidst the current market euphoria, CryptoQuant analyst Amr Taha has shared some market insights that may indicate an impending price fall. Related Reading: Analyst Says Bitcoin Has Entered The ‘Thrill’ Phase, Here’s What To Expect Next Bitcoin Enters Profit-Taking Zone – Sell Or HODL? In a Quicktake post on Friday, Amr Taha stated many investors may be preparing for a cash-out as the Bitcoin MVRV ratio reached 2.64. Generally, the Market Value to Realized Value is a trading indicator used to measure whether an asset is overvalued or undervalued or to identify market tops or bottoms. Amr Taha explains that a Bitcoin MVRV ratio above 2 indicates that investors currently hold significant amounts of unrealized gains and are likely to commence profit-taking. However, historical data from late 2021 and early 2022, shows that profit-taking occurs as the Bitcoin MVRV ratio moves into a range of 2.5-3.5, and is accompanied by significant corrections. Following the Bitcoin price surge over the past few weeks, an MVRV ratio of 2.64 presents substantial potential for a major price correction, despite the minor price drops in the past few days. This sentiment is further backed by the asset’s relative strength index (RSI), which remains in the overbought zone. However, Ama Taha further explains that Bitcoin may sometimes only form a major market top when the MVRV ratio reaches as high as 4. Therefore, at 2.64, the premier cryptocurrency may still sustain its current upward price trajectory, if bullish market momentum persists. The analyst advises that investors monitor the MVRV ratio as a rise towards 3 would signal the potential for further price gains while a decline to a range of 1.5-2 indicates a local market top is forming. Related Reading: Bitcoin Volume Crashes 27% As Price Falls, What Does This Say About The Decline? Short-Term Holders Realized Cap Hits $30 Billion In addition to Bitcoin’s alarming MVRV ratio, Taha also noted that short-term holders have now accumulated a realized market cap of over $30 billion, a level last observed in March 2024. The CryptoQuant analyst stated Bitcoin has historically undergone significant price corrections whenever the STH realized cap reached similar levels, signaling another warning for investors of a potential price dip. At the time of writing, Bitcoin is trading at $91,738 with a 3.97% gain in the past 24 hours. However, the asset’s trading volume is down by 7.42% and is valued at $80.73 billion. Featured image from Shutterstock, chart from Tradingview
Bitcoin is on the move again, surging toward its previous high of $93,257 with renewed momentum that has triggered excitement among traders. After a period of consolidation, Bitcoin’s latest price action signals a potential breakout that could set the stage for even greater gains. As it inches closer to this critical resistance level, can the crypto giant break through and unlock new heights, or will the bears reclaim control? With the market’s eyes fixed on this pivotal moment, the next move could reshape BTC’s future. This analysis aims to explore Bitcoin’s current surge toward the $93,257 resistance level and assess the likelihood of a breakout. By examining key technical indicators and market trends, it seeks to determine whether BTC can overcome this significant hurdle and reach new highs. Additionally, it will explore the possible impact of such a breakthrough on its price trajectory and the broader market sentiment. Bitcoin’s Renewed Momentum Leading To $93,257 Bitcoin is currently maintaining a bullish stance, holding firmly above the 100-day SMA on the 4-hour chart, a strong indicator of continued upward momentum. The price now aims for its previous high of $93,257, having successfully avoided a drop below the $85,211 support. If this pressure continues, a break above $93,257 could create a path for new highs, while holding above the $85,211 support level signals strength in the ongoing rally. An analysis of the 4-hour Relative Strength Index (RSI) shows a continued upside movement as the RSI climbs to 61% after dipping to 53%, signaling that the market is maintaining its bullish strength. Significantly, the sustained rise in the RSI suggests that the uptrend is gaining traction with the potential for more price increases as the buying pressure builds. Related Reading: Bitcoin Price Gains 10%: Is The $100K Dream Closer Than Ever? Additionally, the daily chart reveals that BTC is experiencing strong upbeat momentum, highlighted by the formation of bullish candlesticks. The asset’s position well above the key 100-day SMA further reinforces this positive trend. As BTC maintains its current trajectory, it bolsters market optimism, setting the stage for additional gains as it aims for the $93,257 target. Lastly, the RSI on the daily chart is at 92%, indicating strong positive movement after recovering from a dip to 77% suggesting a shift in market sentiment with increased buying pressure. While the high RSI points to continued growth, prolonged overbought conditions may lead to a correction if buying activity begins to wane. Key Resistance: Can Bitcoin Push Through? Bitcoin is approaching a critical resistance level at $93,257, a price point that could determine the next phase of its bullish trajectory. If Bitcoin successfully surpasses $93,257, it could pave the way for new highs, indicating continued strength in the market. Related Reading: Bitcoin Price Enters ‘Second Breakout Of The Cycle,’ Analyst Puts Peak Above $150,000 However, if the resistance holds, Bitcoin could experience a pullback or consolidation, with the price retracing toward the $83,211 support level. A break below this support could indicate more declines, with the possibility of testing additional key support zones. Featured image from iStock, chart from Tradingview.com
The US Attorney’s Office in Manhattan is reportedly shifting its approach to crypto crime enforcement, allocating “fewer resources” to this area following a series of significant convictions, including that of FTX founder Sam Bankman-Fried. Southern District Of New York To Scale Back Crypto Prosecutions Scott Hartman, co-chief of the securities and commodities task force at […]
Now that Bitcoin short-term price action remains bullish, driven by US President Donald Trump’s vocal support for crypto, analysts ponder the following question: How will Bitcoin perform in five to 10 years? For Galaxy Digital’s Mike Novogratz, using gold as a benchmark, Bitcoin can hit $800,000 in five to 10 years. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor In a Bloomberg Television interview, Novogratz joins other analysts on their bullish take on the top digital asset. He added that Bitcoin will remain upward and trade at $800k in the next five to 10 years, approximating gold’s $16 trillion market value. Bitcoin To Match Gold’s Market Cap: Analysts Trump’s win is arguably one of the triggers for Bitcoin’s recent price action. A few days ago, Bitcoin edged out silver in the list of Top 10 assets in the market cap department. Today, the digital asset tops Saudi Aramco on the same list, with a valuation of $1.79 trillion. With the continuous climb in digital assets, many ask if they match gold’s market cap. According to Novogratz, the shift in market interest among the new generation of consumers and traders is helping Bitcoin. He stated that today’s investors prefer Bitcoin, which is considered a digital store of value. Aside from Novogratz, other market analysts and industry personalities use gold as Bitcoin’s benchmark. For example, Howard Lutnick and Anthony Scarammucci have also compared both assets, saying that Bitcoin will beat gold’s market cap soon. Bitcoin To Trade In $500k Level If It Becomes Part Of US Reserve The Galaxy Digital founder also predicts that Bitcoin’s price will hit $500k if the US government decides to integrate the digital asset as part of the Treasury. Novogratz made this bold projection based on the current bullish trend and potentially favorable policies for crypto. Novogratz added that if the US decides to acquire up to 1 million BTC, then this will force other governments to invest as well, pushing the demand. In addition, Trump’s support for Bitcoin and crypto is also fueling the bullish run of the asset. Novogratz Not Confident On Government’s Decision To Add BTC As Reserve Asset Although Novogratz identifies a $500k target, he thinks the US Treasury will likely not add this asset. He predicts that there’s a considerable chance the bill may not pass the Senate’s approval, although the House gives its go-signal. Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead? Novogratz remains bullish on Bitcoin and advises the US government to acquire more and double down on its campaign to promote digital assets. He added that the government doesn’t need to support the USD with other assets. In the same Bloomberg interview, he further shared that he’s heavily invested in Bitcoin and will welcome the possibility of the reserve bill getting approved. Featured image from Pexels, chart from TradingView
Crypto analyst Ash Crypto has revealed that Bitcoin has entered the ‘thrill’ phase. The analyst further explained what to expect from the flagship crypto moving forward, having entered this phase of the bull run. What To Expect From Bitcoin In ‘Thrill’ Phase In an X post, Ash Crypto revealed that Bitcoin is entering the thrill phase. Based on this, he told market participants to expect high volatility and more liquidation. Overall, the analyst remarked that the Bitcoin price trend will be to the upside as it continues to hit new all-time highs (ATHs). He predicts that BTC will rally to as high as $150,000. Related Reading: Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News His accompanying chart showed that the thrill phase of the market cycle is when investors and traders may get overexcited about the bull rally and decide to go all in with leverage. However, as Ash Crypto indicated, this could go wrong since there will be a lot of liquidations during this period. Despite this being a bull market, the Bitcoin price has, at different times, corrected after reaching new highs and flushing out over-leveraged longs in the process. Alex Thorn, Head of Research at Galaxy Research, also explained earlier in the year that bull markets aren’t straight lines up and that significant price corrections are expected. However, in the long run, the bears get the short end of the stick in a bull run as prices trend upwards. Crypto analyst Ali Martinez recently revealed that over $800 million will be liquidated if Bitcoin rebounds towards $93,000. This is a price level that BTC just reached two days ago as it rallied to a new ATH of $93,400. The Bitcoin price has since corrected and dropped below $90,000. This was partly due to the US PPI inflation data, which was higher than forecasted. That development has cast some doubts about whether the Fed will be willing to further cut interest rates in December. More Price Correction In The Short Term? Ali Martinez suggested that the Bitcoin price could experience further declines in the short term. In an X post, the crypto analyst said that the daily Relative Strength Index (RSI) shows that Bitcoin is in overbought territory, which typically signals a potential price correction ahead. Related Reading: Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market This price correction could also happen as Bitcoin investors look to secure profits. Martinez revealed that $5.2 billion in BTC profits have been realized and that the sell-side risk ratio has surged to 0.524%. He warned market participants to stay alert and proceed with caution. Bhutan Government falls among whales that are already securing profits as they recently sold $33 million worth of BTC, just weeks after selling $66 million BTC. At the time of writing, the Bitcoin price is trading at around $87,780, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ilya Lichtenstein, who pleaded guilty to his role in the 2016 Bitcoin hack of the cryptocurrency exchange Bitfinex, has been sentenced to five years in prison, as announced by the US Department of Justice (DOJ) on Thursday. Lichtenstein was sentenced for his involvement in the money laundering conspiracy for stealing approximately 120,000 Bitcoin from the […]
Over the last few weeks, Bitcoin‘s sharp rally has put the largest digital asset in the spotlight of the crypto market, with BTC surging to new all-time highs on Wednesday. While this leg up has been remarkable, BTC might be poised for a potential correction as the uptrend has started to show signs of cooling […]
The Bitcoin volume has experienced a severe crash amidst its initial price momentum, falling by approximately 27% and triggering a subsequent decline in the value of the pioneer cryptocurrency. This significant drop in volume has caught the attention of market participants, as a crypto analyst is discussing the mechanics and significance of a decline in Bitcoin and whether it indicates a Distribution or Accumulation phase. Bitcoin Price Falls As Volume Plummets 27% Data from CoinMarketCap has revealed that the daily trading volume of Bitcoin has crashed 26.46%, pushing the value to $85.89 billion. This significant decline in the Bitcoin volume coincides with a broader correction in the cryptocurrency’s price. Related Reading: Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market In the last 24 hours, BTC has experienced a price pullback to $87,848, as of writing. The cryptocurrency was previously trading above $90,000, but has recently declined by 2.87%. This plummeting volume often indicates a reduced market interest or lack of enthusiasm. However, this may not be the case for Bitcoin, as the cryptocurrency has been experiencing high market activity due to the just-concluded US Presidential elections that resulted in a Donald Trump win. The more likely reason for the decreased volume could be a market consolidation, where the price of Bitcoin could stabilize before a potential breakout. Supporting this, a crypto analyst, ‘Personal Trader,’ stated that the market has entered a phase of decline, where Bitcoin could enter its last correction period before moving toward the $100,000 milestone. BTC Price Decline May Indicate A Distribution Or Accumulation Phase Given the recent decline in Bitcoin price and volume, a crypto analyst identified as ‘IonicXBT’ has taken to X to identify and discuss the significance of this decline using two main trends exhibited in a Bitcoin market cycle: the Accumulation and Distribution phases. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout The Accumulation phase is when smart money, including investors or institutions, starts to buy Bitcoin. During this phase, prices tend to be low or have stabilized after a decline. Additionally, Bitcoin’s trading volume increases in the same period as buyers step in to push prices higher. Moreover, every upward price movement tends to showcase a strong volume, indicating increased buying pressure. In contrast, the Distribution phase is when smart money are selling or distributing their Bitcoin. During this phase, prices may have peaked or are being seen as overvalued. The volume of BTC rises while its price falls, signaling intense selling pressure. Moreover, price spikes accompanied by low trading volume suggest a weak buying interest, a red flag that indicates that smart money are exiting the market. Based on these Bitcoin phases, IonicXBT has revealed that he will call the Bitcoin market top and bottom soon. The analyst has shown that Bitcoin is currently not in its distribution phase, which means it is still a “buyer’s market,” suggesting the potential for future price increases. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin (BTC) has recently experienced a massive surge, rising over 39% since November 5th to reach a new record high of $93,250 on Wednesday. However, the largest cryptocurrency by market capitalization has since experienced a pullback and is currently trading around $88,800. Market analyst Quinten Francois has suggested that this retracement could extend further, potentially dropping below the $80,000 mark due to a significant CME gap located beneath this level. 12% Retracement Ahead? CME gaps refer to price discrepancies on the Chicago Mercantile Exchange Bitcoin futures chart, where the closing price of one trading day differs from the opening price of the next. These gaps often arise following substantial price movements and are typically filled as the market stabilizes. Francois has identified a CME gap at the $78,000 level, which would represent a retracement of just over 12% from current prices if filled in the coming days. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor Such a correction could be healthy for BTC, as it often liquidates long positions, setting the stage for future upward movements. Historical patterns suggest that these pullbacks can provide the necessary liquidity for the cryptocurrency to advance further. However, if Bitcoin sees increased selling pressure at this level, additional support levels are identified at $72,000 and $69,000. The potential for a drop below these levels would take BTC back to the prices seen before Donald Trump’s election victory on November 5th, which many believe was a catalyst for the recent price spike. Could Trump’s Bitcoin Strategy Influence Future Price Movements During his presidential campaign, Trump continuously expressed his intention to support the growth of digital assets, positioning Bitcoin as a central element of his next administration’s economic policy. One of Trump’s promises includes establishing Bitcoin as a strategic reserve asset for the United States. Pro-crypto Senator Cynthia Lummis has taken this initiative to the Senate by introducing the Bitcoin Act, which aims to increase US Bitcoin reserves to 1 million coins, potentially reducing market supply and positively impacting the BTC price. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout Francois has also forecasted a bear market for the broader cryptocurrency sector, predicting it could emerge between 2026 and 2027. This suggests that the next two years will likely witness an extended bull run for Bitcoin and the overall digital asset ecosystem. However, the expert cautioned that if the $78,000 CME gap is not filled before a significant price rally, it may need to be addressed in the subsequent bear market phase, suggesting further price fluctuations ahead. Featured image from DALL-E, chart from TradingView.com
The massive Bitcoin (BTC) rally following Donald Trump’s victory in the US presidential election is beginning to show signs of slowing down, particularly in the derivatives market, as evidenced by the leading digital asset’s retreat below the $90,000 mark on Thursday. Bitcoin Experiences Significant Liquidation Activity According to Bloomberg data, the premium for CME-listed Bitcoin futures contracts—commonly used by institutional investors to speculate on price movements—has decreased, indicating a potential shift in market sentiment. K33 Research notes that the basis, or the difference between the futures price and the spot price, has dropped to around 10% after previously hovering between 13% and 16% since the election. Related Reading: New Era For Crypto Regulation? SEC Chair Gensler Suggests He May Step Down Vetle Lunde, head of research at K33, remarked, “Markets seem to be cooling down… that might have been a subtle hint of moderating risk profiles.” This shift suggests that investors may be reassessing their strategies in light of the recent price volatility. Currently, Bitcoin is trading at $87,970, down from its all-time high of $93,462 reached just a day ago. Since Trump’s election victory, the cryptocurrency has seen an increase of over 30%. However, this rally has been accompanied by significant liquidation of leveraged bullish positions. In the past 24 hours, liquidations of long positions—those betting on price increases—totaled $447 million, compared to $207 million for bearish bets. Renewed Trader Interest Profit-taking is also contributing to the recent downturn, particularly as Bitcoin approached the $90,000 mark, which has historically been a significant level for open interest in call options. James Davies, CEO of Crypto Valley Exchange, noted, “Crazy speculative days in the market, big profit taking in the last few hours… $90k is a massive level in the call options open interest.” The rally has primarily been fueled by fresh demand in the spot market, evidenced by substantial inflows into exchange-traded funds (ETFs) backed by Bitcoin and relatively moderate leverage among traders. Interestingly, the funding rate for Bitcoin perpetual futures on offshore exchanges rose after falling earlier in the week, indicating renewed interest among traders after the so-called “Trump trade” catalyst. Related Reading: Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst Options traders are increasingly optimistic, with growing interest in calls with strike prices at $110,000 and $120,000, according to data from Deribit. As Davies commented, “It’s all pure speculative trading right now, expect lots of volatility and a lack of clear signals for a while whilst we wait for policy announcements in the U.S.” As the market approaches the expiry of November options, all eyes will be on whether the $90,000 price point will serve as a resistance level or if Bitcoin can surpass it once again. Featured image from DALL-E, chart from TradingView.com
Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term. Bitcoin started a downside correction from the $93,450 zone. The price is trading above $87,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $87,000 zone. Bitcoin Price Starts Downside Correction Bitcoin price attempted more gains above the $93,000 level. BTC traded to a new all-time high at $93,435 and recently started a short-term downside correction. There was a minor decline below the $90,000 level. The price even dipped below the $88,000 level. A low was formed at $86,621 and the price is now consolidating. It is slowly moving higher and trading near the 23.6% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. Bitcoin price is now trading above $87,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $90,000 level. There is also a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. The first key resistance is near the $90,850 level. A clear move above the $90,850 resistance might send the price higher. The next key resistance could be $91,500. A close above the $91,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level. More Downsides In BTC? If Bitcoin fails to rise above the $90,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level. The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any more losses might send the price toward the $82,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 80 level. Major Support Levels – $87,150, followed by $86,500. Major Resistance Levels – $90,000, and $91,500.
The Bitcoin price has soared to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the just-concluded US Presidential elections. The last time Trump won the US election in 2016, Bitcoin experienced a similar bullish reaction, surging to new ATHs around that time. The Trump Effect On The […]
Many leveraged positions appear to be in jeopardy due to Bitcoin‘s recent price rally, which has formed new liquidation levels along the way. As the crypto asset continues to demonstrate potential for upward movement, investors are advised to proceed cautiously and reassess their positions to avoid substantial losses. A New Liquidation Level Emerges For Bitcoin […]