As an analyst with over two decades of market analysis experience under my belt, I must admit that the recent performance of Bitcoin has been nothing short of extraordinary. Having witnessed various market cycles and trends, I can confidently say that this bull run is unlike any other we’ve seen before.
In simple terms, after a dip of 7% to around $91,000 on Tuesday, which was a drop from its record high of $99,500, Bitcoin (BTC) has been showing signs of recovery that it started to display three weeks ago following Donald Trump’s election. It is currently heading towards the significant milestone of $100,000.
Coinbase, Robinhood, And MicroStrategy All Post Gains
Within a day’s span, Bitcoin saw an increase of almost 5%, hitting the $96,100 mark again, which has been instrumental in setting a fresh all-time high towards the end of this month.
Experts and analysts anticipated this surge in prices due to the typical uptrend during Bitcoin halving events. This trend was additionally bolstered by President Trump’s cryptocurrency policy, a significant aspect of which involved considering Bitcoin as a potential strategic reserve for the United States.
This week saw a significant difference between Bitcoin and the tech-focused Nasdaq Composite, as while the latter dropped by 1%, Bitcoin continued moving upwards. Despite the Dow Jones Industrial Average and S&P 500 also showing declines according to CNBC’s data, Bitcoin managed to keep its upward trend.
The demonstrated power was evident in the growth of shares tied to cryptocurrencies, as U.S.-based cryptocurrency trading platform Coinbase (COIN) surged over 5%, Robinhood (HOOD) climbed by 4%, and MicroStrategy (MSTR) soared a notable 10%.
Bitcoin Enters ‘Uncharted Territory’
Beyond the positive projections derived from crypto price trends observed over the last three weeks, market experts remain hopeful regarding Bitcoin’s future trajectory. Notably, Alex Thorn, who heads research at Galaxy Digital, asserted that “the Bitcoin bull market is not running out of steam.
As an analyst, I recognize the potential for adjustments and regulatory uncertainties arising from the departing Biden administration. However, I am optimistic about Bitcoin’s price trajectory in the short to mid-term due to the growing adoption by institutional investors, corporations, and possibly even nation-states.
Katie Stockton from Fairlead Strategies pointed out that Bitcoin investors find themselves in uncharted waters when it comes to resistance levels, as there aren’t many past price points to pinpoint potential declines. However, she noted that the $74,000 mark could serve as a strong base for future expansion, indicating support in this region. Stockton also emphasized:
Bitcoin does tend to stair step both to the downside and to the upside, meaning that it sees these very sharp runups and then consolidates. People should … be willing to give Bitcoin, and the cryptocurrencies in general, more room because of the volatility there and also because of the long-term potential.
As of now, Bitcoin continues its trajectory towards surpassing $100,000 by the end of this year, having already increased by 124% so far. On the other hand, Ethereum (ETH), the second most significant cryptocurrency, has also seen growth since the election but is currently playing catch-up to Bitcoin with a yearly increase of 55%.
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2024-11-28 07:17