Originally published on: November 11, 2024
Bitcoin’s price surged by 4.5% on November 11, defying expectations of a significant pullback in the near future. The cryptocurrency reached over $84,000 after the Wall Street open, marking a 25% increase over the past week. Bulls continued to dominate the market, pushing through sell walls and driving price discovery.
Analysts believe that short-term bearish sentiment could actually benefit Bitcoin, as it leads to market liquidation. Despite predictions of a potential crash to $12,000 by some traders, others remain optimistic about Bitcoin’s future. A popular analytics account, Bitcoindata21, maintained a target of $150,000 for Bitcoin’s price, emphasizing the current bullish trend.
Market data showed bid liquidity increasing above $81,000 on exchange order books, supporting further price growth. Low funding rates in derivatives markets indicated a strong breakout through all-time highs could be sustainable. Veteran traders like Peter Brandt also pointed to technical indicators, such as an inverse head and shoulders pattern, as reasons to remain bullish on Bitcoin reaching $200,000 and beyond.
Recent commitments from companies like MicroStrategy, which acquired over $2 billion worth of Bitcoin, further bolstered confidence in the cryptocurrency’s future. Additionally, Bitcoin exchange-traded funds (ETFs) saw significant inflows, surpassing traditional assets like gold ETFs. These developments highlight the growing institutional interest in Bitcoin as a long-term investment.
While the market remains volatile and unpredictable, the overall sentiment is positive for Bitcoin’s price trajectory. Investors are advised to conduct their own research and due diligence before making any financial decisions. Stay informed with the latest insights and updates on cryptocurrency markets by subscribing to our newsletter.
