Experts Predict Bitcoin Journey To $100,000 After Thanksgiving Rally
November 27 2024 - 10:00PM
NEWSBTC
Despite a brief correction towards the $91,000 mark on Tuesday,
which represented a 7% drop from its all-time high of $99,500, the
market’s leading crypto, Bitcoin (BTC), has regained the strength
it has posted over the past three weeks since Donald Trump’s
election, on its way to the $100,000 milestone. Coinbase,
Robinhood, And MicroStrategy All Post Gains In the 24-hour time
frame, Bitcoin recorded gains of nearly 5%, regaining the $96,100
level as a key to reach a new record high in the last days of the
month. This bullish price action was expected by experts and
analysts throughout the year as a normal upward behavior during
Halving cycles, further boosted by Trump’s crypto agenda, which
notably include making BTC a strategic reserve for the US. Related
Reading: XRP Consolidates Below Crucial Resistance – Analyst Sets
$1.60 Target This week marked a notable divergence, as Bitcoin
decoupled from the tech-heavy Nasdaq Composite, which fell by 1%.
According to CNBC data, the Dow Jones Industrial Average and
S&P 500 also experienced declines, yet Bitcoin managed to
maintain its upward trajectory. This strength was reflected
in the performance of crypto-related stocks, with US-based crypto
exchange Coinbase (COIN) up more than 5%, Robinhood (HOOD) up 4%,
and MicroStrategy (MSTR) up 10%. Bitcoin Enters ‘Uncharted
Territory’ In addition to the bullish outlook provided by the data
and figures recorded over the past three weeks in crypto prices,
market analysts are optimistic about Bitcoin’s future, with Alex
Thorn, head of research at Galaxy Digital, claiming that “the
Bitcoin bull market has legs.” Thorn acknowledges the
possibility of corrections and “regulatory jitters” stemming from
the outgoing Biden administration but believes that increasing
adoption from institutional, corporate, and potentially
nation-state entities will drive Bitcoin’s price higher in the near
to medium term. Related Reading: BNB Eyes Recovery: $605 Support
Sets The Stage For A New Rally Katie Stockton of Fairlead
Strategies also highlighted that Bitcoin investors are currently in
“uncharted territory” regarding resistance levels, meaning there
are few historical price points to indicate potential pullbacks.
Support is identified around $74,000, suggesting a solid foundation
for future growth. Stockton further claimed: Bitcoin does tend to
stair step both to the downside and to the upside, meaning that it
sees these very sharp runups and then consolidates. People should …
be willing to give Bitcoin, and the cryptocurrencies in general,
more room because of the volatility there and also because of the
long-term potential. With a year-to-date gain of 124%, Bitcoin
remains on track to cross the $100,000 threshold before the end of
the year. By comparison, Ethereum (ETH), the second largest
cryptocurrency, has also performed well since the election but lags
behind BTC with a year-to-date gain of 55%. Featured image from
DALL-E, chart from TradingView.com
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