As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price surges and corrections. The recent push by Bitcoin (BTC) towards $94,000 is an exciting development that echoes the bullish sentiments of many traders and analysts.
Bitcoin (BTC) kept up pressure on $94,000 into the Nov. 20 Wall Street open as bidders bought up BTC price dips.
BTC price record highs dislodge dormant coins
Information sourced from CryptoMoon Markets Pro and TradingView tracked the movement of BTC/USD, which showed a recovery this time after dipping to a bottom of $91,500.
As a crypto investor, I witnessed a surge in optimistic market movements, culminating in unprecedented all-time highs of $94,374 on Bitstamp. These peaks occurred before the U.S. trading session even started.
Reacting, popular trader Skew eyed shifting liquidity conditions on exchange order books.
In my recent post on X, I posed a question, “Is anyone experiencing fear of missing out (FOMO)?” I also highlighted the activity in both the spot and perpetual markets as traders bid aggressively.
As an analyst, I’m echoing CrypNuevo’s prediction that the mid-$90,000 region might be our next destination for BTC/USD before we enter a new period of consolidation.
He shared with his X followers that he doesn’t anticipate surpassing $100k in the initial attempt. Instead, he’s hoping for a reversal around the mid-to-high $90ks, specifically near the $96k range. After that, he plans to identify potential buying opportunities during any subsequent pullbacks.
According to findings by the onchain analytics platform CryptoQuant, there’s a warning signal as long-term Bitcoin holders are currently disposing of their BTC.
The peak of the market for Bitcoin frequently happens when previously dormant or long-held Bitcoins are once again active,” as suggested by a Reddit post, using the term ‘Coin Days Destroyed’ to explain this phenomenon.
1) This metric determines the inactivity of Bitcoin stored in a specific wallet, and it’s rapidly approaching the level of recognition typically associated with the best performers.
Keep an eye out for Coin Days Destroyed (CDD) exceeding 15-20 million as a significant indicator, according to CryptoQuant, as illustrated in the provided graph.
Bitcoin ETF options success adds to bullish mood
Despite the circumstances, optimism grew as people started trading shares on the Bitcoin Trust ETF offered by asset manager BlackRock’s iShares. This ETF was available for trade on a stock exchange.
On the initial day, we experienced an impressive outcome. Notably, industry leader Joe Consorti highlighted his predictions for Bitcoin’s price against the U.S. dollar (BTC/USD) exceeding $100,000 by year-end.
Previously, DecenTrader’s co-founder Filbfilb predicted that Bitcoin’s price movements in the long term would bring about significant changes or relief.
He explained in the X thread this week that the immediate effect could be increased volatility and speculative price fluctuations for gold. However, over a longer period, these events would strengthen gold’s role as a crucial safety net in diversified investment portfolios.
Trading firm QCP Capital was equally positive on the launch.
In their recent update to Telegram channel users, they stated that IBIT is now one of the busiest 20 non-index activities, signifying increasing institutional belief in Bitcoin as a legitimate, mainstream investment option.
“This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.”
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- CNY RUB PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
2024-11-20 16:40