Originally published on: November 14, 2024
Bitcoin enthusiasts are eagerly anticipating the digital currency’s climb towards reaching six figures as the price of BTC recently hit a record high of $93,500. This milestone comes as BTC continues to showcase strong price action and trading near $90,000.
Volatility remains a key factor in the market, as seen on the BTC/USD 1-hour chart, with various fluctuations in price even after reaching record highs on leading exchanges like Bitstamp.
The recent uptick in Bitcoin’s value coincided with data releases from the United States, particularly the Consumer Price Index (CPI), which showed an expected increase of 2.6%. Despite this inflation data potentially impacting financial policies, Bitcoin managed to hold its ground above $90,000.
Market analysts and experts are optimistic about Bitcoin’s future price trajectory, with discussions around the likelihood of hitting six figures intensifying. Commentators like Quinn Thompson and Michaël van de Poppe are confident in Bitcoin’s upward momentum, with expectations of further gains in the near future.
Meanwhile, popular trader Skew highlighted a key resistance level at $95,000, emphasizing the importance of monitoring liquidity levels for potential market movements.
Onchained, a contributor to onchain analytics platform CryptoQuant, also chimed in with bullish predictions, suggesting that BTC could potentially reach peaks between $180,000 and $200,000. The Onchained Top/Bottom Index indicates significant room for further upside, fueling optimism among investors and traders.
As Bitcoin continues to make headlines with its impressive price performance, remember that all investment decisions come with risks. Conduct thorough research and stay informed to make informed choices in the ever-evolving crypto market landscape.
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