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

TLDR Strategy Enhances Financing Framework for Future Activities

TLDR Strategy has updated its securities paperwork to maintain its at-the-market financing capacity, crucial for future funding activities.

user avatarAisha Farooq

WisdomTree Advances Regulatory Framework for Tokenized Funds

WisdomTree has updated its registration materials for tokenized investment products, focusing on the legal framework necessary for their distribution.

user avatarTenzin Dorje

CleanSpark Surpasses 10,500 BTC in Bitcoin Reserves

CleanSpark has achieved a significant milestone by increasing its Bitcoin reserves to over 10,500 BTC, reflecting a strategic shift in its operational model.

user avatarBayarjavkhlan Ganbaatar

Hester Peirce Calls for Cryptography to Enhance Financial Crime Prevention

Hester Peirce advocates for the use of cryptography to improve financial crime prevention, criticizing current data collection practices.

user avatarMohamed Farouk

BlackRock's Tokenized BUIDL Fund Surpasses $550 Million in AUM

BlackRock's tokenized BUIDL fund has reached approximately $552.4 million in assets under management, highlighting its significance in the institutional real-world asset market.

user avatarElias Mukuru

Trump Administration Seeks to Expand Dollar-Backed Stablecoins Globally

The Trump administration is considering an initiative to promote dollar-backed stablecoins internationally to reinforce the dollar's status as the world's reserve currency.

user avatarDiego Alvarez

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.