On November 19, Bitcoin set an ATH (All Time High) when it hit $94,000 per token. By November 20, this price range was maintained stably around $92,000 - $94,000. According to data from Cointelegraph Markets Pro and TradingView, Bitcoin ended a five-day price swing, increasing 4% from $90,000 to $94,000.
In just two weeks, Bitcoin has continuously adjusted and set price records from the peak of 75,000 USD on November 6 to 80,000 USD and most recently 94,000 USD. This is creating a mentality of 'extreme greed' in the community, pushing the market into a state of short-term euphoria.
Bitcoin price chart on November 20
Crypto trader CrypNuevo said on X that Bitcoin will correct to the $90,000 price zone and then set an ATH of $96,000 before heading straight to $100,000.
Meanwhile, data from blockchain analytics platform CryptoQuant warns that the current Bitcoin price is dominated by long-term holders, so the market could soon see a sharp correction.
Why does Bitcoin price keep breaking the peak?
Bitcoin initially broke through resistance, setting an ATH of $75,000 when the US presidential election took place, the result was in favor of the Republican candidate. The cryptocurrency community celebrated Donald Trump's victory.
Then, the news that Mr. Trump appointed new leaders with a positive attitude towards the cryptocurrency industry helped the market continue to keep the heat, pushing Bitcoin prices to continuously increase.
However, the main reason lies in the operation of the iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) of asset management company BlackRock. The huge inflow of money from the traditional market into Bitcoin through ETFs has created important leverage for Bitcoin to continuously set ATHs.
$100,000 Price Target is Nearing
According to Filbfilb, co-founder of DecenTrader, ETFs will have a big impact on Bitcoin's price movements in this cycle. "In the short term, price volatility affects speculators more. But in the long term, it will strengthen Bitcoin's position as a hedge in the diversified portfolios of large funds," Filbfilb said on X.
Trading firm QCP Capital told its Telegram followers that the IBIT event reinforced the growing confidence of institutions in Bitcoin as a mainstream asset class, making its $100,000 price target this year entirely optimistic.
According to Cointelegraph , the $100,000 milestone is an ambition that the Bitcoin community has been yearning for for years. Popular analyst Mustache pointed out the similarities in the current Bitcoin price chart with the 2021 cycle. According to him, the market is still in the early stages of the growth cycle, so the target above $100,000 will be conquered soon.
Meanwhile, Bitcoin analyst Munger shared a Glassnode chart showing that "whales" are in a strong accumulation phase, stating that Bitcoin has the potential to "go far beyond" the $100,000 level.
MN Capital founder Michael van de Poppe also shared a similar view, saying that the market could see Bitcoin price rise to $100,000 - $120,000 in the next 1 - 2 months.
Bitcoin price continuously sets new peaks: Cryptocurrency players are 'extremely greedy'
However, experts also warn of an uncertain scenario. One of the indicators that many people are interested in is the community's "greed and fear" psychology, which is constantly maintained above 80 points. The "extreme greed" level is often a sign that a major correction is about to take place.
Indicators related to user behavior on Google also reflect the same thing. Data from Google Trends shows that the community's interest in Bitcoin has decreased over the past week, despite Bitcoin continuously setting ATHs. Specifically, in the past 7 days, the search volume related to Bitcoin on Google has decreased from 100 points to 48 points.
According to experienced analysts, the new Bitcoin cycle is much more unpredictable than previous seasons. Many indicators and counters are no longer accurate, so users need to be especially alert to avoid FOMO (fear of missing out) during a period of strong adjustments.
Source: https://thanhnien.vn/gia-bitcoin-lien-tuc-pha-dinh-tien-gan-moc-lich-su-100000-usd-185241121002650198.htm
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