Bitcoin surge: Prospects of reaching $100,000

user avatar

by Giorgi Kostiuk

2 years ago

Bitcoin has exceeded the $93,000 mark for the first time, yet some traders remain skeptical of the rally's longevity.

Bitcoin hits new record

From November 11 to 13, Bitcoin surged by 16%, surpassing the $93,000 mark for the first time. Despite this record high, some traders believe the bullish momentum could weaken as sellers, including certain Bitcoin miners, start to take profits. Julio Moreno, head of research at CryptoQuant, noted that some Bitcoin miners started taking profits, though this activity remained within normal levels.

Factors in US dollar strength

The strengthening of the US dollar against other major currencies such as the euro, yen, and Swiss franc has concerned some investors. However, this inverse relationship is no longer as crucial as before. The launch of a new $54 billion spot Bitcoin ETF further established Bitcoin as a distinct store of value.

Derivatives premium and forecasts

The Bitcoin derivatives premium shows moderate enthusiasm, considered a healthy sign amid Bitcoin's record highs. The current 13% premium indicates whale and arbitrage desk excitement, while options data suggests a healthy, neutral market.

Given the current macroeconomic conditions and a crypto-friendly US administration, the path for further Bitcoin price gains looks promising. Potential catalysts, such as Senator Lummis's proposal to increase US Treasury Bitcoin reserves, could easily propel Bitcoin's price above $100,000.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Developer Releases 56 Billion TikTok Video Metadata on Hugging Face

A developer known as hashfunction has released a dataset containing metadata for about 56 billion public TikTok videos on Hugging Face.

user avatarMaya Lundqvist

Ongoing Legal Battles Over TikTok Data Scraping Practices

The legality of data scraping from TikTok is currently being challenged in court, with Reddit suing Perplexity and three data-scraping firms for allegedly harvesting content for AI training.

user avatarKaterina Papadopoulou

Fairshake Launches Bipartisan Campaign to Support Pro-Crypto Lawmakers

Fairshake is launching a bipartisan campaign to support 32 incumbent candidates in the House, focusing on those who back the House CLARITY market structure bill, with an initial commitment of $6 million in independent spending.

user avatarLeo van der Veen

Binance Introduces AI-Driven Trading Tools

Binance launches a suite of AI products aimed at enhancing trading experiences for various user levels.

user avatarLi Weicheng

Binance Announces Dividend Reinvestment for Tokenized Stocks

Binance has announced a dividend reinvestment process for holders of its Oracle and Marvell tokenized stocks, where dividends will be reinvested into additional fractions of the same securities.

user avatarAisha Farooq

Cryptocom Enhances Trading with Insilico Terminal Integration

Cryptocom has announced an integration with Insilico Terminal on October 6, allowing users to connect their Cryptocom Exchange accounts directly to Insilico's trading platform.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.