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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Nov 21, 2024 03:31 UTC
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Bitcoin Hits New All-Time High as $100K Target Comes Into Focus
Bitcoin price has surged to a new all-time high of $95K, driven by strong institutional interest and US spot Bitcoin ETFs.
The bullish momentum is expected to continue, with potential targets of $100K and even $137K by year end.
Bitcoin's increasing dominance over the altcoin market suggests a potential delay in the altseason until early 2025.
Bitcoin (BTC) has surged past months of bearish consolidation, entering its second bullish phase as per the Elliott Wave principle. In the past three days alone, the leading cryptocurrency has gained over 4%, reaching a new all-time high (ATH) of approximately $95,000 during Thursday’s early Asian session.
This significant rally suggests Bitcoin may be entering its anticipated parabolic phase, with $100K now a psychological target in sight. Optimism is high as market momentum continues to build, leading to exciting Bitcoin price prediction discussions.
Just how high can Bitcoin really go?
A Breakout Beyond 2021’s High
After establishing a strong support zone between $50K and $58K earlier this year, Bitcoin’s breakout has solidified its bullish stance. Notably, this new rally surpasses its 2021 ATH, positioning Bitcoin for potential higher targets.
Veteran analyst Peter Brandt predicts Bitcoin could close the year trading above $137K, driven by its successful breakout from a bullish pennant – a technical pattern that often signals continued upward movement.
What’s Fueling the Bitcoin Price Rally?
As Coinpedia noted recently, Bitcoin’s rally is being powered by robust institutional support, with U.S. spot Bitcoin ETFs playing a major role.
- Record Inflows: Glassnode data shows nearly $63 billion has flowed into Bitcoin over the last 30 days, with spot ETFs alone contributing $28.7 billion. These ETFs now hold over 1 million BTC, valued at nearly $100 billion.
- Institutional Adoption: Companies like MicroStrategy have fueled institutional FOMO (fear of missing out), inspiring other firms to invest heavily in Bitcoin.
Nation-states such as El Salvador, Bhutan, and the United States have also increased their Bitcoin holdings, further strengthening its position as a globally recognized asset.
- Also Read :
- Polymarket Bitcoin Prediction Sees $100K by Year-End
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Market Picture
Bitcoin’s climb to $95K has eased fears of a significant selloff, as investor confidence grows. The Fear and Greed Index, which measures market sentiment, remains in the “extreme greed” zone, above 82%. This reflects heightened optimism among traders and investors.
However, Bitcoin’s dominance is rising at the expense of altcoins. Market analyst Benjamin Cowen predicts Bitcoin’s dominance could hit 66% by the end of the year, potentially delaying the long-awaited altseason until early 2025.
With momentum on its side, Bitcoin continues to set the stage for what could be a historic close to the year.
FAQs
Yes, Bitcoin is likely to keep going up, driven by strong institutional inflows, the success of spot ETFs, and breaking key technical levels. With predictions of $100K and beyond, market sentiment remains extremely bullish. Rising dominance further supports continued upward momentum.
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