Bitcoin is making headlines again, reaching a new all-time high of $93,434 and continuing its growth streak for the ninth consecutive day. Recent growth is driven by economic events and market-specific factors.
New Record and Economic Context
Bitcoin (BTC) hit a new record high of $93,434, extending its impressive rally for the ninth consecutive day. The primary catalyst for this surge has been the release of the latest Consumer Price Index (CPI) data, showing a modest increase of 0.2%, sparking hopes for a potential rate cut. Since Donald Trump's victory in the US presidential election, BTC has risen more than 34%, showcasing impressive market dynamics. Bitcoin's market cap now stands at $1.78 trillion, surpassing oil giant Saudi Aramco and ranking it as the seventh largest asset globally.
Future Prospects for Bitcoin
Many analysts are predicting that Bitcoin could reach $100,000 in the coming week. There are also speculations that the cryptocurrency could even become the US reserve currency following Trump's win. Attention now turns to the implications of his policies on the crypto market and the broader US economic outlook. With institutional investors flocking in, especially through newly accessible ETFs, Bitcoin continues to rise. On November 13, Bitcoin spot ETFs reached a total trading volume of over $8.07 billion, with BlackRock's ETF alone setting a new record at $5.37 billion in volume.
Technical Analysis and Possible Corrections
Technical analysis shows bullish momentum on the charts. On the 4-hour BTC/USDT chart, Bitcoin has recently broken past both the 100-day and 200-day moving averages, signaling a strong uptrend. Now that the BTC price has reached the channel's upper boundary, consolidation may be underway, followed by a slight correction back to the channel's middle boundary around $85K. A brief correction is expected, with support zones at Fibonacci retracement levels—around $87,655 (0.23) and $80,478 (0.5). These levels may offer a chance for profit-taking and re-entry in the mid-term. The next key targets are $94K and $95K, potentially setting the stage for the much-anticipated $100K milestone.
Bitcoin continues to show strong market positioning, with prospects of reaching $100,000, supported by both market-specific factors and broader economic and political conditions.
