Originally published on: November 11, 2024
Bitcoin is smashing records with an impressive weekend surge pushing the price close to $82,000 to kick off the week. The recent price discovery for Bitcoin is causing a stir in the market, with all-time highs of $81,888 on Bitstamp after the weekly close reported by Cointelegraph Markets Pro and TradingView.
Despite concerns of a potential major retracement, the overall sentiment among traders remains bullish, with expectations of further upside. The start of the traditional financial trading week in Europe and the United States is expected to bolster bulls’ momentum, validating the weekend jump to new highs.
Veteran trader Peter Brandt has set a target price of $125,000 for Bitcoin by the end of the year, marking a significant milestone in the current bull run. The favorable macroeconomic environment and upcoming data releases, including the Consumer Price Index (CPI) and Producer Price Index (PPI), are expected to keep risk-asset traders on their toes.
Bitcoin is now in a race to catch up with gold, as institutional interest in the cryptocurrency grows. Inflows to BlackRock’s spot Bitcoin exchange-traded fund (ETF) have surpassed those of its gold ETF, indicating a shift in investor sentiment towards digital assets.
November is shaping up to be another strong month for Bitcoin, with expectations of continued upside before the monthly close. Traders are eyeing key resistance levels of $93,000 and $121,000 as potential targets in the coming weeks.
As Bitcoin flirts with six-figure price predictions, retail interest in the cryptocurrency remains subdued. Mainstream consumer engagement with Bitcoin is slowly increasing, but has yet to reach peak levels seen in previous bull markets.
In conclusion, the current Bitcoin price surge is capturing the attention of investors and traders alike, with expectations of further upside in the near term. As always, it’s essential to conduct thorough research and due diligence before making any investment decisions. Stay tuned for more updates on the crypto market trends and opportunities.
