As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous bull and bear runs, but none quite like this Bitcoin rally. The latest daily close at $101,200 is nothing short of breathtaking, and it seems that six-figure BTC price action is here to stay.
On December 11th, Bitcoin (BTC) achieved its all-time record daily closing price, as the cryptocurrency’s six-digit market movements reappeared with renewed vigor.
BTC price forecast sees new all-time high in “coming days”
According to information from CryptoMoon Markets Pro and TradingView, the closing price for BTC/USD on its most recent daily trading session was approximately $101,200.
On Bitstamp, the price reached a new all-time high that matched the closing price from December 8th. This was achieved as the bulls moved away from the recent weekly low of around $94,000.
According to trader, analyst, and entrepreneur Michael van de Poppe’s recent analysis on X, the essential reference point remains the Bitcoin (BTC) level.
“If the markets stay above that area, it’s likely that we’ll see new ATH‘s in the coming days.”
As a researcher, I’ve observed that the market maintains its stability even as we surpass the significant milestone of $100,000 and move forward.
As a researcher delving into the world of Bitcoin, I recently observed that we’ve just witnessed the highest daily closing price the cryptocurrency has ever recorded, based on data from my quantitative Bitcoin and digital asset fund Capriole Investments, as shared in a recent post on Dec 12.
“Meanwhile funding rates are below normal, leverage still wiped and ETFs are seeing day after day of relentless inflows.”
This week and last, there was a cleaning up of highly-leveraged positions that occurred due to sudden market volatility, as referred to by Edwards.
24-hour crypto liquidations totaled approximately $270 million as reported by CoinGlass at the moment this was written, indicating a surge in short positions feeling the heat.
Bitcoin futures speculation noticeably absent
Moving forward, Zaheer Ebtikar, a partner at crypto investment firm Split Capital, highlighted more evidence suggesting that there’s no significant market risk.
Despite Bitcoin circling all-time highs, he noted, its futures basis remained unusually low.
He expressed to his audience that the image was so incredibly mind-boggling, he found it hard to put it into words,” he said, accompanied by a relevant diagram.
The futures basis refers to the difference in price between spot and futures market pricing, measured as a percentage of spot. In Bitcoin bull markets where all-time highs occur, the basis can reach 30% or more, reflecting increased speculation over BTC price growth to come.
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2024-12-12 12:16