Originally published on: November 14, 2024
Bitcoin’s price surged to nearly $90,000 recently, setting a new record high that has analysts predicting a six-figure milestone in the cryptocurrency’s future. Despite some volatility, BTC/USD hit $93,483 on Bitstamp, driven by Wall Street’s reaction to the latest US inflation data.
The Consumer Price Index (CPI) for October met expectations at 2.6%, prompting speculation of a Federal Reserve interest rate cut in December. With the odds of a rate cut at over 80%, investors are betting on further BTC price upside. Even with potential financial policy implications, Bitcoin remained steady above $90,000.
Market commentators, including hedge fund founder Quinn Thompson and trader Michaël van de Poppe, echoed the sentiment of a six-figure target for Bitcoin. Van de Poppe anticipated more data on Nov. 14, with Skew highlighting a key supply zone at $95,000 based on order book liquidity.
Onchained, a contributor to CryptoQuant, predicted even greater gains, suggesting Bitcoin could reach a peak between $180,000 and $200,000. Their Onchained Top/Bottom Index indicates room for substantial upside potential in BTC/USD.
As Bitcoin continues to break records and attract investor interest, it’s essential to conduct thorough research and exercise caution before making investment decisions in the volatile cryptocurrency market. Stay informed and watch for emerging trends to maximize your trading strategies.
