Why Is Bitcoin Going Up Today?

The cryptocurrency market, led by Bitcoin (BTC) and Dogecoin (DOGE), registered palpable gains in the last 24 hours. The total crypto market cap rallied over 4 percent in the past 24 hours to hover about $2.9 trillion on Monday, November 11, during the early Asian session. 

Bitcoin price rallied over 5 percent in the last 24 hours to reach a new all-time high (ATH) of about $81,672. As the altcoin market attempted to follow Bitcoin in a bullish outlook, the heightened crypto volatility led to more than $684 million being liquidated from leveraged traders in the last 24 hours.

Major Factors Driving Bitcoin Price Up

Bitcoin price and the entire crypto market have been reacting to macro conditions in the past few days, especially from the United States. On the top list, the election of pro-crypto candidates in the United States has rejuvenated the mainstream adoption of digital assets and web3 protocols.

Moreover, the United States is expected to approve the purchase of 1 million Bitcoins in the next five years in a bid to counter its ballooning national debt.

Late last week, both the Federal Reserve and the Bank of England (BoE) initiated another rate cut to stimulate economic growth in the near future. As a result, whale investors have proliferated from the gold market to Bitcoin and the altcoin market to position their portfolios for higher returns.

In the last five weeks, the US spot Bitcoin ETFs, led by BlackRock’s IBIT, have registered more than $7.3 billion in net cash inflows.

What Next?

Having registered the highest weekly close since inception, Bitcoin price has officially entered the most interesting period of the macro bull market, which is best described by a parabolic rally. 

According to a well-sharpened trader Peter Brandt, Bitcoin price is depicting a similar price action to Gold in the macro time frame. 

Brandt noted that Bitcoin price action since March 2021 to date is similar to that of Gold between 2010 and early 2024.

With a long-term target of $260k, Brandt has previously argued that Bitcoin price will remain in price discovery until the second half of 2025, before entering the next major bearish cycle in the subsequent years.