As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the current Bitcoin bull run is reminiscent of the gold rush of ’49. The similarities are uncanny: the excitement, the uncertainty, and the potential for life-changing wealth.
On November 14th, the value of Bitcoin (BTC) hovered around $90,000. This was after the Bitcoin price movement showed signs of processing another record-breaking peak.
New Bitcoin all-time high follows US CPI
Yesterday’s record high of BTC/USD at $93,483 on Bitstamp was followed by continued market fluctuations as indicated by data from CryptoMoon Markets Pro and TradingView. In simpler terms, even though Bitcoin reached a new peak, the market is still experiencing volatility.
During a Wall Street trading day, this occurred following the release of the most recent U.S. inflation figures. Specifically, the October Consumer Price Index (CPI), as anticipated, was 2.6%. However, it’s important to note that despite meeting expectations, the CPI did indeed rise, according to the Bureau of Labor Statistics (BLS).
Regardless of any potential impact on financial policies, Bitcoin remained stable and briefly surged past $90,000.
Market predictions indicated a strong likelihood of another interest rate reduction by the Federal Reserve in December, as evidenced by odds exceeding 80%, according to data obtained from CME Group’s FedWatch Tool.
As a researcher observing the crypto market, I noticed that despite some minor macroeconomic challenges, there seemed to be a strong potential for Bitcoin’s price to continue rising.
According to Quinn Thompson, founder and Chief Investment Officer at hedge fund Lekker Capital, he stated to his audience that the latest Consumer Price Index (CPI) was as expected. Earlier, he had referred to this data release as insignificant or unimportant.
“See you at $100k Bitcoin next week.”
Michael van de Poppe, a trader, analyst, and entrepreneur, concurred on the $100,000 target for a specific asset, mentioning that November 14th would bring forth additional data, particularly focusing on the Producer Price Index (PPI) this time around.
$200,000 top joins BTC price predictions
In his latest market analysis, meanwhile, popular trader Skew highlighted $95,000 as a “key supply zone” based on exchange order book liquidity.
The flow seems rather sluggish and there’s less activity during the Asian session, which often aligns with movements in the European or US sessions,” he pointed out.
In a post on their Quicktake blog on November 13th, the analyst Onchained, who contributes to the crypto analytics platform CryptoQuant, added his voice to those predicting further price increases.
In simpler terms, the author mentioned that their unique Top/Bottom Index, similar to a predictor, had dropped to the levels it showed when Bitcoin was priced at around $73,000 in March. This suggests there’s plenty of scope for the price to increase further.
It was found in the analysis that Bitcoin (BTC) against the U.S. Dollar (USD) might increase significantly, potentially climbing from its current value of $93,000 to a maximum between $180,000 and $200,000.
We’re not quite there just yet, keep climbing! Our data indicates that we’ll hit our maximum when a specific value falls between 0 and 0.09, but for now, it’s holding steady at 0.27,” is a simpler and more natural way of expressing the original text.
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2024-11-14 11:55