Bitcoin Price Hits Fresh All-Time Highs at Around $82,000, Will BTC Rally Continue?

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. The current Bitcoin price rally, fueled by Trump’s victory and the Fed rate cut announcement, is an intriguing development that warrants closer scrutiny.

Bitcoin price, represented by BTC, has soared to a record high of $81,858 today, marking a staggering 17.5% weekly increase. This surge has boosted its market cap to an impressive $1.61 trillion in just seven days, adding over $300 billion. The recent upswing can be attributed to Donald Trump’s election victory and the Federal Reserve’s announcement of a 25 bps rate cut.

This situation makes us ponder about how far the Bitcoin price might surge ahead or if it’s wise for investors to hold off and observe a correction before making new investments. According to Coinglass statistics, the recent upward trend in BTC price has resulted in approximately $121 million worth of liquidations within the past 24 hours. Out of these, around $83.4 million was due to short positions being closed, while $38.4 million was from long positions being liquidated.

Lately, there’s been an increase in short positions for Bitcoin on the crypto exchange Binance, according to analyst Ali Martinez. In fact, about 60.2% of all traders with open Bitcoin futures contracts on Binance are currently betting that the cryptocurrency will drop in price. This overwhelmingly bearish outlook suggests that a large number of traders expect a short-term decrease in Bitcoin’s value.

60.2% of all traders on #Binance with open #Bitcoin futures positions are going short!

— Ali (@ali_charts) November 11, 2024

It’s possible that Bitcoin could attempt to reach or revisit the levels of $80,000 or even $78,000 again before experiencing any significant price changes.

Bitcoin Price Might Rally to $250K, Says Peter Brandt

Market analysts stay optimistic about the long-term potential, especially since it’s now in the price exploration phase. Seasoned trader Peter Brandt noted that Bitcoin is experiencing a bullish breakout using an inverse head-and-shoulders pattern over multiple years, which could lead to another rally reaching $250,000.

He drew a parallel between the current situation and gold prices following a similar surge. However, it’s important to note that Brandt’s forecast for the rise in Bitcoin price extends over a longer timeframe.

This pattern is known as a complex continuation inverted Head and Shoulders formation – it can be quite a tongue twister! Many chart analysts dispute its existence, but I’m not one of them. Neither were Schabacker, Edward or Magee, so do your own research to verify. Notice the resemblance to gold during 2009-2010, with broad shoulders and a stunted right shoulder. In terms of BTC/XAUUSD…

— Peter Brandt (@PeterLBrandt) November 10, 2024

In response to surging interest in Bitcoin ETFs, the price of Bitcoin has soared by approximately 80%. The prolonged period of consolidation after the Bitcoin halving, the U.S. election outcome, and the recent Federal Reserve rate reduction offer further impetus for Bitcoin’s value to climb even higher.

Bitcoin Exchange Traded Funds (ETFs) such as BlackRock Inc’s $35 billion iShares Bitcoin Trust (IBIT), have played a substantial role in driving up the current price of Bitcoin. On November 8, IBIT saw daily inflows of close to $1.4 billion. The day before, trading volume for this ETF reached an all-time high, suggesting strong optimism towards Bitcoin, particularly during Trump’s political resurgence.

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2024-11-11 12:00