Bitcoin has repeatedly broken new highs this week, officially breaking $98,000 last night at 19:00, with spot prices reaching a maximum of $98,960 around 03:15 this morning, and perpetual contracts exceeding $99,000, showing momentum towards hitting the $100,000 target this week.
At the time of writing, there has been a slight pullback, currently reported at $97,863, with a near 24-hour increase narrowing to 3.43%.
BCA Research: Bitcoin still has room to double.
Regarding the strong Bitcoin, a team led by analyst Dhaval Joshi at BCA Research stated in a report this month: 'Although Bitcoin rose under the stimulus of the elections, its 260-day fractal dimension indicator has not yet approached the market reversal level of 1.2.' DD72972
Therefore, although we should expect Bitcoin to experience a short-term pullback, the structural uptrend of Bitcoin remains intact, with the ultimate goal being above $200,000.
However, according to the chart below, although the current reversal timing has not yet reached 1.2, it is already close to 1.4, suggesting that BCA's expectations may be overly optimistic.
Swan Bitcoin analyst Sam Callahan analyzed that Bitcoin's price is continuously driven by a series of positive factors, including improved market liquidity, increased institutional adoption, a regulatory environment shifting from headwinds to tailwinds, and potentially expanding fiscal deficit policies during Trump's term.
Ethereum rebounds, Layer 2 rises together.
As Bitcoin is about to hit $100,000, the long-silent Ethereum also saw a strong surge last night, rising 7.5% within three hours, reaching a peak of $3,386 earlier.
Layer 2 track also rose in response to this stimulus, with the highest increase in the past 24 hours being OP rising over 20% and Arbitrum having an increase of about 12%.
Swan Bitcoin analyst Sam Callahan analyzed that Bitcoin's price is continuously driven by a series of positive factors, including improved market liquidity, increased institutional adoption, a regulatory environment shifting from headwinds to tailwinds, and potentially expanding fiscal deficit policies during Trump's term.
Ethereum rebounds, Layer 2 rises together.
As Bitcoin is about to hit $100,000, the long-silent Ethereum also saw a strong surge last night, rising 7.5% within three hours, reaching a peak of $3,386 earlier.
Layer 2 track also rose in response to this stimulus, with the highest increase in the past 24 hours being OP rising over 20% and Arbitrum having an increase of about 12%.
