The Bitcoin market has shown significant growth in recent days, drawing the attention of analysts and investors. We'll discuss the key aspects of current dynamics and predictions.
Bitcoin Market Growth
Since the day of the US presidential election, the crypto market has steadily grown. In the last 24 hours alone, the market increased by 2.9%, impacting all major cryptocurrencies. Bitcoin has surged by over 32.35% since November 5. The RSI for the BTC market is 81.40, indicating an overbought zone.
Current Market Situation
The current Bitcoin price is $89,600, significantly above the 50-day SMA of $68,922.08, the 100-day SMA of $64,324.16, and the 200-day SMA of $64,305.98. Starting this month, BTC's price was at $70,128.41, reaching highs above $90K. On November 13, over 63% of Polymarket bettors predicted Bitcoin would hit the $100K level this month. Currently, about 46% believe the market will reach this mark within the next 16 days.
Odds of $105K
Polymarket also forecasts a 38% chance of reaching the $105K level, emphasizing the platform’s optimism about the current bull rally.
With a strong prediction from Polymarket, the coming weeks could be an exciting time for Bitcoin enthusiasts looking for these high targets. Will Bitcoin meet these expectations? Only time will tell.