Bitcoins $90K Milestone Triggers Sell-Off, But $100K Looms
- Bitcoin surgd pst $90,000, brking its prvious $73,800 high, rching $93,215 on Novmbr 13.
- Long-trm holdrs r tking profits, whil ETFs bsorb sll-offs with $4.09B inflows sinc Novmbr 5.
- Exprts prdict Bitcoins rlly will continu, with projctions of surpssing $100,000 by Dcmbr.
Bitcoins rmrkbl rlly pst th $90,000 milston is not prompting ll long-trm holdrs to wit for six-figur lvls bfor cshing in. According to mrkt rport by CryptoQunt contributor Prcivl on Novmbr 16, Bitcoinrs who hv hld thir ssts for ovr 155 dys r sizing th opportunity to tk profits s prics surg.
Bitcoin, which hd consolidtd btwn $53,000 nd $72,000 for nrly svn months, brok its prvious ll-tim high of $73,800 on Novmbr 5. On Novmbr 12, it rchd th $90,000 thrshold for th first tim, pking t nw rcord high of $93,215 on Novmbr 13. At th tim of writing, th cryptocurrncy is trding t $90,626, ccording to CoinMrktCp. Prcivl notd tht whil som invstors r tking profits, othrs viw this lvl s just on stp in its upwrd trjctory.
ETFs Absorbing Bitcoin Sell-Off
Th nlyst pointd out tht th rcnt sll-off by long-trm holdrs hs bn countrblncd by strong dmnd in th mrkt, prticulrly from xchng-trdd funds (ETFs). Sinc Donld Trumps prsidntil win on Novmbr 5, pproximtly $4.09 billion hs flowd into U.S.-bsd spot Bitcoin ETFs, ccording to Frsid dt. Prcivl mphsizd tht ETFs r ffctivly bsorbing th sll-sid prssur, dscribing this dynmic s suprficil sll-sid wv of supply in profit.
High-profil Bitcoin dvocts rmin optimistic. Michl Sylor of MicroStrtgy told CNBC on Novmbr 14, Im plnning th $100,000 prty nd xpcts BTC to surpss six figurs by Dcmbr. Similrly, BitMEX co-foundr Arthur Hys highlightd its historicl strngth during Octobr nd Novmbr, spcilly in th post-hlving yrs, prdicting it could sily cross $100,000.
Bitcoin Eyes $100K Milestone
Mrkt sntimnt continus to ln bullish, with Ryn L of Bitgt Rsrch projcting 14.7% incrs from currnt lvls to push th cryptocurrncy bov $100,000 by months nd. Polymrkt bttors lso shr this optimism, with 65% probbility of rching six figurs bfor 2025.
On socil mdi, trdrs lik Crypto Egls r pointing to tchnicl indictors, such s Bitcoin brking out of multi-yr invrs hd nd shouldrs pttrn. This bullish pttrn typiclly indicts th onst of mjor rllis. Mnwhil, nlyst Rkt Cpitl obsrvd tht BTC hs only just bgun its prbolic growth phs, which historiclly lsts round 300 dys, lving mpl room for furthr gins.
Related Readings | Analysts Say Its Only a Matter of Time Before You See XRP, Cardano, and PCHAIN Above $1
Read more: https://www.tronweekly.com/bitcoins-90k-triggers-sell-off-but-100k-looms/
Text source: TronWeekly
