Bitcoin’s meteoric rise has captivated traders, now inching toward an anticipated $100,000 valuation.
At $87,100, this level would have been unthinkable just months ago, yet a sharp 70% rebound since the August 5th dip has shifted market sentiment dramatically.
🧐 Bitcoin's rise (now $87.1K) has been so rapid that traders are now speculating how quickly we see a $100K market value. Though this price was beyond comprehension just 2-3 months ago, the community has quickly changed its tune after a +70% surge since the August 5th crash. pic.twitter.com/rVxD3EumAc
— Santiment (@santimentfeed) November 11, 2024
This rally, marked by strong spot demand and significant institutional investment, has driven Bitcoin to new heights, with over 95% of circulating supply now in profit.
Key on-chain indicators reveal powerful buying momentum, a surge in Bitcoin ETF assets under management (AUM), and heightened futures premiums—pointing to potential further gains as Bitcoin continues this phase of all-time highs (ATH).
#Bitcoin’s rally to a new ATH is driven by strong spot demand and institutional inflows, with over 95% of supply in profit. This article explores on-chain indicators, highlighting robust spot buying momentum, rising ETF AUM, futures premiums, and the potential for sustained gains… pic.twitter.com/N8gJENt5kL
— glassnode (@glassnode) November 12, 2024
The recent surge beyond $88,000 has prompted some short-term holders to cash in, transferring their BTC to Binance, which could signal incoming selling pressure. This shift may disrupt Binance’s liquidity, sparking volatility and potentially leading to short-term price dips.
Bitcoin's surge past $88,000 has short-term holders eyeing potential profits, moving their $BTC to Binance and signaling possible selling pressure.
This influx could shake up Binance's liquidity and stir volatility, inviting price dips.
Keeping an eye on these moves is key to… pic.twitter.com/maRwmvTIrM
— Kyledoops (@kyledoops) November 12, 2024
Bitcoin Could Hit $100k In 2024
Monitoring these market activities offers insights into unfolding trends and profit opportunities, helping traders navigate the dynamics shaping Bitcoin’s price trajectory.
Polymarket data now estimates a 68% chance of Bitcoin reaching $100,000 in 2024, closely aligned with earlier predictions. In April, analysts forecasted that Bitcoin would trade between $56,000 and $70,000 in mid-2024, followed by a 63% probability of hitting $100,000 in the second half of the year.
The next projection targets $150,000 in early 2025—a period potentially marked by a more favorable crypto stance with the expected return of President Trump’s administration.
The odds of #Bitcoin hitting $100K in 2024 on @Polymarket now reach 68% as $BTC continues to record new highs!
This aligns closely with our April prediction that $BTC would:
1/ Range from $56K to $70K in May and July 2024. ➡️ accurately forecast ✅
2/ Hit $100K in the second… https://t.co/WmuXrwrLED pic.twitter.com/yGXePJ8lAw
— Spot On Chain (@spotonchain) November 12, 2024
November 11 also marked a milestone for US Bitcoin ETFs, which saw an impressive $1.094 billion in inflows, the second-highest on record.
🔥🔥 Record-breaking day for 🇺🇸 crypto ETFs!
The US Ethereum ETFs recorded their largest net inflow ever at $295.1M, led by #Fidelity (FETH) with $115.5M—its biggest inflow since launch.
Meanwhile, the US Bitcoin ETFs weren’t left behind, seeing a massive $1.094B inflow, the… pic.twitter.com/YJ0iI7UgUy
— Spot On Chain (@spotonchain) November 12, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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