Originally published on: November 08, 2024
The crypto market saw significant gains on November 8th, with Bitcoin hitting a new all-time high of $77,000. Traders are optimistic about the continued uptrend, with experts like Bitget Research chief analyst Ryan Lee predicting Bitcoin to reach $100,000 within the next three months.
Despite the rapid increase in price, analysts believe that the current rally is not overheated and is supported by solid fundamentals. Galaxy head of research Alex Thorn also anticipates that Bitcoin and other cryptocurrencies could trade significantly above current all-time highs in the next 12-18 months.
While the consensus leans towards a bullish outlook, traders should be cautious as a sharp dip to shake out weak hands cannot be ruled out. It is essential to monitor important support levels during any potential correction in Bitcoin and select altcoins.
Bitcoin has maintained its position above the breakout level of $73,777, indicating strong bullish sentiment. The next target objective for Bitcoin is $93,554, with potential resistance expected from bears trying to pull the price back into the range.
In addition to Bitcoin, other cryptocurrencies like Ethereum, Solana, Binance Coin, XRP, and more are also showing positive price movements. Ethereum broke through resistance levels, while Solana picked up momentum after surpassing overhead resistance.
Overall, the crypto market is witnessing a significant uptrend, with many top cryptocurrencies showing bullish signs. Traders need to stay informed and cautious as they navigate these volatile markets.
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