Originally published on: November 13, 2024
Bitcoin reached a new milestone on November 13, hitting a record high above $90,000 before retreating back down. The cryptocurrency market experienced high volatility as Bitcoin attempted to break through the $90,000 resistance level.
Experts suggest that Bitcoin needs to stabilize and establish support within its new range before attempting another rally. Analysts from Material Indicators pointed to a potential downtrend signaled by their trading tools, indicating that Bitcoin may remain rangebound in the short term.
Trader Credible Crypto, known for his accurate predictions, stated that while Bitcoin has exceeded expectations, a cooling-off period is necessary. Despite this, some traders remain bullish, eyeing a possible run towards six figures in the near future.
Statistics from Willy Woo, a prominent figure in the cryptocurrency space, suggest that $102,000 could be the next major price level for Bitcoin. This Fibonacci extension level, combined with liquidity trends, could determine Bitcoin’s future price movements.
As with any investment, trading Bitcoin carries inherent risks, and readers are advised to conduct thorough research before making any financial decisions. For more insightful articles on cryptocurrency and market trends, subscribe to our newsletter for weekly updates.
