Bitcoin ($BTC) not stopping – $100,000 by Christmas?

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As a seasoned crypto investor with a decade-long journey under my belt, I find myself both exhilarated and cautiously optimistic about the current Bitcoin price surge. The explosive move we’ve witnessed is reminiscent of the early days of the crypto revolution, when the market was still uncharted territory.

The price of Bitcoin ($BTC) is persistently climbing, reaching nearly $82,000 in recent transactions. As predictions suggest it could reach $100,000 by year’s end, the question remains: can the bulls sustain this upward push, or might a pullback be imminent?

Bitcoin bulls not running out of steam yet

Bitcoin’s price increase doesn’t seem to be slowing down, at least not for now. In just one week, its value soared by an incredible 22% or $14,650. In terms of U.S. dollars, this weekly surge is unprecedented in the entire bull market to date, with no comparable price spike yet seen.

U.S. Bitcoin ETFs rake in $2 billion in $BTC in only two days

In these dynamic times, U.S. Bitcoin ETFs have shown remarkable power, amassing approximately $2 billion in Bitcoin (BTC) within two consecutive days. Moreover, Blackrock’s Spot Bitcoin ETF has outperformed its Gold ETF, attracting an inflow of $33.2 billion. This suggests that institutions are increasingly favoring Bitcoin over gold.

Apart from these ETFs, numerous investors have hopped onto the Bitcoin trend as the clear breakout and rapid surge from the 8-month long bullish formation is undeniably evident.

Extreme Greed

On Monday, the Fear and Greed Index climbed to a level of 76, indicating a phase where investors might be experiencing ‘intense optimism’ or ‘extreme desire to participate’, similar to the fear of missing out (FOMO). This suggests the market could potentially be entering into a FOMO stage.

$1.56 billion in shorts not safe at $85,000

Another influential aspect that may contribute to the price surge in the future is the presence of approximately $1.56 billion worth of short positions set at roughly $85,000. In the event that Bitcoin reaches this price point, the subsequent liquidations could further intensify the upward price trend.

Strong upward thrust, but momentum may have topped

The temporary trend in Bitcoin’s price indicates a significant surge upward. The bull flag, which was previously visible, is now out of sight in the past, suggesting that we’ve entered the next phase of the bull market.

Despite some bullish sentiments, it’s important to consider bearish factors as well. For instance, all the short-term Stochastic RSI momentum indicators have reached their peaks, such as the daily one, which might suggest a possible correction or retracement in the near future.

Fibonacci extension levels give possible short-term $89,000 target for $BTC

As a crypto investor, I’ve found that Fibonacci extension levels are invaluable tools for anticipating future price points, and they become particularly evident when viewed on a daily chart. Notably, the price has penetrated the 1.272 Fibonacci level and seems to have validated this move if it holds up until the close of trading on Monday, provided that we don’t see the price retreat below this level before then.

414 Fibonacci level sits above us at around $83,900, which could mark the peak of this current surge. The potential maximum target, or ceiling for this rise, seems to be the 1.618 Fibonacci level, approximately $88,900.

If Bitcoin’s bullish momentum starts to wane, it could potentially retrace to around $76,000 or even dip to $73,000. But after this possible correction, the forecast of Bitcoin reaching $100,000 by Christmas may need to be adjusted higher.

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2024-11-11 14:10