As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the current bull run we are witnessing is nothing short of exhilarating. The daily gains Bitcoin (BTC) has been experiencing, including the 4.5% jump on Nov. 11, have me positively giddy with excitement.
On November 11, Bitcoin (BTC) saw a 4.5% increase in its daily value, with the unexpected upward trend maintaining its stronghold throughout the weekend.
BTC price knocks on $85,000
Information from CryptoMoon Markets Pro and TradingView indicated that the Bitcoin price surged past the $84,000 mark following the opening of Wall Street.
In the last week, the value of Bitcoin (BTC) against the US Dollar has surged by approximately 25%, indicating a strong upward trend without any clear indications of a significant pullback or pause for breath. As the bulls advanced, they successfully breached resistance levels, driving further price growth.
For a while, ‘capo-bears’ will likely boost Bitcoin’s value, as they continue to pile up short positions that the market must eventually settle.” – Bitcoindata21 commented in a post on platform X.
“Until we start getting daily god candles, i’m not entertaining significant pullbacks (20-30%).”
In simpler terms, Bitcoindata21 mentioned some market players placing wagers on a significant drop in Bitcoin’s price, also known as a “price capitulation.” One of these participants is a well-known trader called Il Capo of Crypto, who forecasted that the price could dive down to $12,000 during this current bull market.
My initial goal is set at $150k, though it may shift based on my signals, for now, we can simply observe and appreciate the current situation.
“It’s a bull market, stop getting so antsy to sell.”
According to data from CoinGlass, there was an increase in bid liquidity above $81,000 on the trading platforms’ order books. This could have contributed to pushing up the current market price.
Examining the possibility that the value of Bitcoin (BTC) against the U.S. Dollar (USD) might continue to surge into unexplored realms, analysts pointed out various factors, one being unusually low funding rates in derivative markets – a phenomenon seldom seen during breakthroughs surpassing all-time highs.
Looking at the broader picture, experienced trader Peter Brandt provided another piece of optimistic perspective for Bitcoin (BTC): a clear reversal of long-term resistance, demonstrated by an inverted head and shoulder formation.
“Major buy signal over the weekend in Bitcoin,” he told X followers, an accompanying chart implying that the path was open to $200,000 and more.
MicroStrategy buys $2B in BTC with all eyes on ETFs
In the meantime, MicroStrategy, a business intelligence company, also entered the spot buying market by making a significant Bitcoin purchase exceeding $2 billion as per reports. As CryptoMoon news outlet mentioned, this move came after MicroStrategy’s Bitcoin holdings surpassed a 100% return on investment on November 10th.
Attention also focused on the spot Bitcoin exchange-traded funds (ETFs), these seeing net inflows of more than $1.5 billion the week prior.
According to Cameron Winklevoss, co-founder of Gemini Exchange, the journey towards a $80k Bitcoin was primarily driven by consistent demand for ETFs (Exchange Traded Funds), rather than panic buying from retail investors (FOMO). The increase received less attention or celebration.
“People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings haven’t started.”
Previously, it was noted that investments into BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), have exceeded those in its gold ETF, which has been active for two decades.
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2024-11-11 19:02