This past weekend was for bitcoin (BTC) lots of green candles. On November 11, bitcoin’s daily gain was as high as 4.5%. At the moment, there seems to be no withdrawal for bitcoin, crypto traders think. Up to a price of $150,000 the path would be clear.
$90,000 is seen for bitcoin
From data, among others TradingView shows that the price of bitcoin passed $89,000 after Wall Street opened. Over the past seven days, the price of bitcoin has increased by almost 26%, without the charts showing any signs of correction or significant consolidation.
Bitcoin is currently entering uncharted territory, but there are many traders who expect it to rise rate for bitcoin. For example, Peter Brandt argues that bitcoin is currently showing a big buy signal. He identified a pattern called a head and shoulders back, which is positive. You have one big cleft (the head), with small clefts before and after (the shoulders).
A popular account on X called Bitcoindata 21 answered that the price of bitcoin in the short term will be encouraged by the bears (pessimists) among crypto traders. With their short positions, which the market then melts, they pull the price of bitcoin up. He does not assume that bitcoin will fall back more than 20%.
Anticipation of a major price correction
There are analysts and traders who believe that the price of bitcoin is in for a major correction. A trader known as Il Capo of Crypto even expects bitcoin to fall back to $12,000 during the current bull market.
Il Capo of Crypto is not the only pessimist. Truths from CoinGlass shows that many short positions have been taken from $85,000 and a lot of liquidation has already taken place from $80,000
Bitcoins ETFs create momentum
The group also plays an important role exchange-traded funds (ETFs) of bitcoin. In the previous week, Bitcoin ETFs saw over $1.5 billion in inflows.
Bitcoin’s largest ETF, BlackRock’s iShares Bitcoin Trust (IBIT), recently outperformed a gold ETF. The gold ETF has been trading for two decades, so this performance means a lot.
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2024-11-12 18:11:00
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