As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bullish and bearish trends. However, Bitcoin’s current trajectory is unlike anything I’ve ever witnessed before. The relentless rally we’re seeing now reminds me of the dot-com boom, but with the potential to outpace it.
As a researcher, I’m projecting that the median forecast points towards a price point of around $125,000 by New Year’s Eve. There’s a 9% likelihood it could surge beyond $150,000, and there’s even a remote possibility it might reach as high as $250,000.
The current trend of Bitcoin indicates that reaching $100,000 is not a matter of “if” but “when,” according to data from Kalshi. Traders and analysts are optimistic about a powerful surge, predicting an explosive rally.
Bitcoin’s Meteoric Rise in Q4
Bitcoin’s November rally is already turning heads. The cryptocurrency is up nearly 40% for the month and 55% for Q4 overall, putting 2024 on track to mirror the late-2023 surge, according to CoinGlass. The rally has been relentless, with minimal pullbacks or support retests since Bitcoin reclaimed its all-time highs from March.
Even though certain market experts are advocating for a pullback to restore balance, Bitcoin refuses to conform to these predictions. The significant psychological level of $100K still stands as the next notable hurdle, yet the positive sentiment among investors is growing rapidly.
Institutional Inflows and ETF Frenzy
The increasing enthusiasm towards Bitcoin is fueled partly by institutional interest. As per Glassnode’s “The Week Onchain” report, Bitcoin exchange-traded funds (ETFs) have taken up around 90% of the selling pressure from long-term investors (LTHs). This pattern suggests that ETFs are playing a crucial role in market stability, as even long-term investors start to cash out their profits.
In recent times, investments into Exchange-Traded Funds (ETFs) have significantly increased, marking a record high for U.S.-based Bitcoin ETFs. These funds collectively manage over $100 billion in assets, indicating growing faith among institutions about Bitcoin’s potential future growth.
As the end of 2024 approaches, there’s much anticipation about Bitcoin’s next step. Could it surpass $100,000, as suggested by many prediction markets? Given the surge in institutional investments and overwhelmingly positive market sentiments, Bitcoin could be poised to establish new record highs.
Read More
- VVAIFU PREDICTION. VVAIFU cryptocurrency
- EUR INR PREDICTION
- Ariana Grande Recalls Meeting Her Idol Imogen Heap for the First Time: ‘I Thought I Was Being Catfished’
- ‘Definitely Bittersweet’: The Umbrella Academy Cast Reunite At Fourth And Final Season Premiere
- ‘It Gets Harder And Harder To Write Science Fiction’: James Cameron Addresses The Challenges Of Sci-fi Genre
- Tom Holland Teases a Completely Different ‘Spider-Man 4’: “The idea is crazy.”
- DGB PREDICTION. DGB cryptocurrency
- DanMachi Season 5 Episode 1: Release Date, Where To Stream, Expected Plot And More
- Jennifer Grey Recalls Having THIS Doubt Amid Signing Dirty Dancing; Says ‘It Was Kind Of Little Risky’
- Why Is Drew Barrymore So Touchy On Her Talk Show?
2024-11-24 12:56