Here’s Why Bitcoin Price Is Rising Today

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As a seasoned crypto investor who has witnessed the rollercoaster ride of this digital market since its early days, I must admit that today’s Bitcoin price rally is nothing short of exhilarating. With my fingers on the pulse of the crypto world, I can confidently say that this bull run seems unstoppable, with Bitcoin surging towards $100K and beyond.

Currently, Bitcoin‘s price ascent appears unyielding, with an additional 6% increase today that sets a new record high of $97,457 and brings it closer to the $100,000 mark. Bitcoin continues to strengthen its position against other cryptocurrencies, boosting its market dominance over 60.5%. During this BTC surge, the ETH/BTC pair has reached a three-year low, leading analysts to forecast further Bitcoin growth up to $135,000.

Why Is Bitcoin Price Rising Today?

Today, the ETH/BTC exchange rate breached its trendline, reaching a three-year low that hasn’t been seen since March 2021. This event might prolong the wait for the “altcoin season,” as Bitcoin’s dominance persists in the current market.

A letter from the grave???? $ETHBTC

— Peter Brandt (@PeterLBrandt) November 21, 2024

According to market analyst Bitcody’s perspective, there’s a possibility that the ETH/BTC ratio might hit a low point next month. This assumption is backed by historical trends, as the ETH/BTC bottom has typically occurred in December over the past 8 years, six times. If December maintains its usual pattern, we may expect the ETH/BTC ratio to stabilize soon.

With Bitcoin gaining more influence, altcoins seem to be losing momentum following their recent surge last week. As QCP Capital suggests, the start of an ‘altseason’ – a period when altcoins outperform Bitcoin – is less probable until the Ethereum-to-Bitcoin ratio recovers and demonstrates strength, indicating increased Ethereum participation.

Conversely, analysts foresee the price increase of Bitcoin persisting even more. Notably, crypto expert Ali Martinez remarks that Bitcoin is mirroring a four-year chart trend, suggesting it will follow a path similar to December 2020. Furthermore, he highlights notable parallels in the RSI (Relative Strength Index) for Bitcoin as well.

As an analyst, I foresee a potential pattern reminiscent of past trends. If history repeats itself, Bitcoin might initially spike towards $108,000, followed by a correction that could bring the price down to around $99,000. Subsequently, if the trend persists, we may witness another surge taking Bitcoin up to $135,000.

Renowned trader Peter Brandt has posted a comparable Bitcoin graph following the U.S. elections. This chart indicates a ‘flag-and-pole’ pattern in BTC price, implying that the current breakout could lead to a surge past $125,000 and potentially even higher levels.

The Trump Trade Continues for BTC

Today’s surge in Bitcoin’s price can be seen as an escalation of the “Trump effect” and some significant events unfolding. On Wednesday, the 20th of November, speculation emerged that Donald Trump’s administration is considering establishing a new position within the White House focused on digital asset policy-making.

Trump’s advisors are currently holding talks with influential figures in the cryptocurrency sector and are advocating for a role that would grant them direct contact with the President. This news has sparked renewed excitement throughout the crypto market. Tony Sycamore, an analyst at IG Australia Pty Market, commented on today’s Bitcoin price increase, stating:

Purchasers seem to have a strong grip over vendors. As we approach the $100,000 price point, I can’t guarantee everything will go smoothly, but the desire to buy seems relentless.

According to data from Coinglass, Bitcoin’s 24-hour liquidation figure has surged to approximately $119 million. This includes around $93 million worth of short positions being closed, as well as over $25 million in long positions getting liquidated.

In tandem with Bitcoin reaching potential $100K heights, MicroStrategy’s shares saw a surge in trades at record levels on Wednesday, edging towards $500. Meanwhile, investments into Bitcoin ETFs have seen substantial growth over the past three days.

On November 20th, specifically on a Wednesday, the accumulated investments in the immediate Bitcoin ETF were approximately $773 million. Among these contributions, BlackRock’s IBIT accounted for over $626 million, while Fidelity’s FBTC added $133 million according to Farside Investors’ data. It is worth noting that just the day prior to the launch of spot Bitcoin ETF options on Nasdaq, the trading volumes for IBIT exceeded $2 billion.

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2024-11-21 10:50