After successfully breaking out of a prolonged bearish consolidation earlier this month, Bitcoin's (BTC) price has now entered a second bullish phase based on Elliott wave principles. This leading cryptocurrency has increased by more than 4 percent in the last three days, thus reaching a new all-time high (ATH) of approximately $95,000 on Thursday, November 21, during the early morning trading session in Asia.
After establishing a strong support range between $50,000 and $58,000 from March to September, Bitcoin's price is on the verge of confirming a bullish breakout from the 2021 ATH. Therefore, it can be safely assumed that Bitcoin's price has entered a revered parabolic phase, with a psychological target of around $100,000 in the near future. According to renowned analyst Peter Brandt, Bitcoin's price is currently on track to close the year above $137,000, after successfully breaking out of a bullish flag pattern.
Key factors influencing Bitcoin's price surge
As Coinpedia noted in the recent past, Bitcoin's price has experienced bullish sentiment driven by institutional investors. The remarkable success of U.S. spot BTC ETFs has significantly impacted the ongoing Bitcoin price surge.
According to the latest market data from Glassnode, Bitcoin has recorded nearly $63 billion in capital inflows over the past 30 days from both spot ETFs and the spot market. With a total net capital accumulation of around $28.7 billion, U.S. spot Bitcoin ETFs now hold more than 1 million BTC, worth nearly $100 billion.
Institutional FOMO, driven by the remarkable success of MicroStrategy, also plays a significant role in the ongoing Bitcoin price surge. Furthermore, countries - led by El Salvador, Bhutan, and the United States, along with many other nations - have recently been significant holders of Bitcoin.
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With the recent Bitcoin price increase to $95,000, fears of a potential sell-off have significantly decreased. The Bitcoin fear and greed index remains above 82 percent, signaling extreme greed from investors.
Meanwhile, the altcoin industry continues to bleed into Bitcoin, as evidenced by Bitcoin's increasing market dominance. According to renowned analyst Benjamin Cowen, Bitcoin's dominance could continue to rise to 66 percent before the end of this year, thereby delaying the highly anticipated altcoin season until early 2025.
Will Bitcoin continue to rise?
Indeed, Bitcoin is likely to continue rising, driven by strong capital inflows from institutions, the success of spot ETFs, and breaking through key technical levels. With a prediction of $100,000 or more, market sentiment remains extremely optimistic. The increasing dominance continues to support the ongoing upward momentum.
