As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I must admit that the current bullish trend is reminiscent of a rollercoaster ride that never seems to slow down. The latest surge in Bitcoin’s price has once again taken me by surprise, but not entirely unexpected given its trajectory over the past year.
Bulls remain more powerful than bears, according to CoinStats.
BTC/USD
Once more, the price of Bitcoin (BTC) has climbed to a record peak, increasing by more than 10% within the past 24 hours.
On an hourly timeframe, Bitcoin’s price appears to have breached its nearby resistance at around $89,909, but this might turn out to be a deceptive breakout. If the current trend continues, a potential correction toward the $87,000-$88,000 range could occur by tomorrow.
Over a larger time period, the leading cryptocurrency has rebounded from yesterday’s peak at $89,643. If the closing price strays significantly from the $90,000 psychological level, it could give bears an advantage, potentially causing a dip down to around $82,000.
From my perspective as an analyst, a more optimistic outlook emerges when examining the weekly chart. It would be prudent for traders to zero in on the closing position of the candles, particularly their peaks.
If the price trend continues at its current level without significant downward corrections, it could potentially reach $100,000.
Bitcoin is trading at $89,130 at press time.
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2024-11-12 15:04