As a seasoned researcher with over two decades of experience in financial markets, I have witnessed many bull and bear cycles. The recent surge of Bitcoin to above $94,000 is truly remarkable, yet it doesn’t elicit the same level of euphoria that we saw during the 2017 rally. In my opinion, this lack of fervor could be a positive sign for long-term investors, as it suggests that the market may continue to grow without significant corrections.
Bitcoin (BTC) is moving closer to the desired $100,000 level following a new record peak of over $94,000 achieved on November 19th.
Despite the recent surge to all-time highs not triggering “ecstasy” among investors, analysts argue that such a rise is crucial in further boosting Bitcoin’s price.
Lack of crowd euphoria “encouraging sign” for BTC
On November 19th, the Bitcoin price concluded its volatile five-day trend, increasing by approximately 4% from a low of $90,407 to an unprecedented peak of $94,002, as indicated by data from CryptoMoon Markets Pro and TradingView.
Although this significant achievement was reached, it was met with a less enthusiastic response from the crowd, as evidenced by the “modest at best” assessment made by market intelligence firm Santiment regarding the public’s comments on social media.
The cryptocurrency community appears unusually indifferent and skeptical as Bitcoin nears the significant milestone of $100K, according to Santiment’s recent statement on November 20.
In simpler terms, the company analyzing blockchain data stated that the absence of excessive excitement about Bitcoin on social media platforms could be a positive indicator for its price because excessive fear of missing out (FOMO) can sometimes cause corrections in the market.
“As long as there is retail trader disbelief, whales can continue pumping cryptocurrencies with little resistance.”
Over the past week, my own curiosity and that of fellow crypto investors seems to have dipped when it comes to Bitcoin, as its price hovered around the $90,000 mark. As you can see from the chart below, our collective interest in Bitcoin on social media has been on a downward trend over time.
Despite reaching a record high of $93,480 on November 13th, sparking the highest level of interest since 2021, the interest rate has decreased significantly from 100 to 48 in just the past seven days.
On November 19, social media buzz about Bitcoin remained relatively stable as its price reached its highest point ever recorded.
In a recent comment, CryptoQuant’s IT Tech stated that the absence of excessive market excitement could imply steady growth with minimal adjustments. This, he believes, is beneficial for long-term investors.
$100,000 Bitcoin price “is coming” — analyst
For quite some time now, the possibility of Bitcoin soaring up to $100,000 has kept crypto devotees intrigued. The numerous new record highs it’s achieved since the US elections have led many traders and experts to believe that this prediction may be on the verge of coming true.
In their recent analysis on platform X, well-known analyst Moustache commented that Bitcoin has recently begun a graphical pattern similar to its past growth cycles, suggesting a steep upward trend.
The analyst presented the graph below, indicating a pattern in BTC pricing that mirrors the one preceding the significant surge in 2021.
Based on the expert’s perspective, Bitcoin appears to be entering the steep upward trend (parabolic phase) of this cycle. If history repeats itself, we might see the value soar to levels far beyond $100,000, possibly growing at an exponential rate.
“$100,000+ is coming ladies and gentleman.”
According to Michael van de Poppe, founder of MN Capital, he expressed a belief that Bitcoin might reach between $100,000 and $120,000 within the next one to two months.
According to QCP Capital’s report to investors, Bitcoin’s projected value reaching $100,000 is currently attracting the most attention and investment focus among potential opportunities.
Mentioned is that Bitcoin’s recent sustained price above $90,000 serves as a “solid base for potential further increase.
In their subsequent communication, QCP Capital conveys assurance that the surge in options trading for BlackRock’s Bitcoin ETF (IBIT), after its successful launch on November 19th, signifies an increasing institutional acceptance of Bitcoin as a recognized investment asset category.
“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.”
According to Bitcoin expert, Bitcoin Munger, he recently shared a Glassnode chart indicating substantial accumulation across all categories. He further stated his belief that Bitcoin could potentially soar beyond $100,000.
Read More
- The Masked Singer Christmas special line-up – who are the characters?
- CRV PREDICTION. CRV cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- AGI PREDICTION. AGI cryptocurrency
- BONK trading volume crashed 73% – PEPE, WIF, FLOKI next?
- OKB PREDICTION. OKB cryptocurrency
2024-11-20 18:56