Recently, the cryptocurrency market has undergone a fairly positive and crazy period as Bitcoin Price(BTC) continuously creates new ATHs, with the peak price of BTC recorded at the spot price of 99,588$. This has created a new wave of FOMO and many predictions that Bitcoin will return to create a new ATH and continue to rise above the price of 100,000$. So let's analyze together with Trading Insight whether in this November and before 2025, Bitcoin can reach and exceed the price of 100,000$ or not, so keep an eye on the article below.
ETF cash flow actively increases strongly
Investment cash flow into cryptocurrencies recorded a record level of 3.12 billion USD last week. This increase brings the total cash flow from the beginning of the year to an unprecedented level of 37 billion USD, highlighting the increasing dominance of Bitcoin and renewed interest in digital asset investment products. It is also the first time that Bitcoin's market capitalization reached nearly 2000 billion $, recording a level of 1.97 billion $ with the current peak price of 99,588 USD according to spot prices on Binance.
Exchange-traded funds (ETFs) also witnessed record cash inflows, showing confidence in the asset. As BTC approaches its all-time high, liquidations could cause volatility and momentum, allowing BTC to continue rising with the current significant cash flow attracting more investments, driving Bitcoin's price increase. According to data on SoSoValue, the total net cash flow accumulated for Bitcoin ETFs reached 30.84 billion USD as of November 22, 2024, when the market closed on Friday.
Bitcoin Rainbow Chart
Basic logarithmic regression chart, used as a long-term valuation tool for Bitcoin. The chart has 9 different colors, each color suggesting buying, selling, or holding Bitcoin. Data is also showing that Bitcoin has accumulated quite a long time in the Blue and green color ranges, which correspond to average price levels. The excited and truly positive color range that BTC can achieve is the Yellow and orange ranges, meaning BTC could surpass the levels of 150,000$ and 200,000$ is possible. After a long accumulation process of Bitcoin over the past 2 years.
Supported and optimistic market
Before and after President Donald Trump successfully campaigned for the presidency of the United States. With policies and commitments to make America the 'cryptocurrency capital of the planet', while promising to launch a national cryptocurrency reserve worth over 16 billion USD in bitcoin that the US government has accumulated through asset seizures. This commitment marks a clear shift in his previous skepticism about cryptocurrencies. This also led to a frenzied state in the cryptocurrency market after the successful election.
In addition, as optimism increases, experts and analysts predict Bitcoin could rise to 115,000 USD during this holiday season. The activity of whales and long-term holders taking advantage of the current price increase further adds to the excitement.
Michael Saylor of MicroStrategy, a prominent Bitcoin supporter, has suggested expanding the company's Bitcoin holdings, further reinforcing institutional confidence in this asset. Many other notable investors are also actively supporting the safety and price increase of this asset.
The history of Bitcoin's price increase
Let's track the monthly profit chart of Bitcoin over the past 13 years to predict this year 2024. According to the cycle theory, if November each year has good positive returns, then December always ends with positive results and brings high profits similar to the previous November.
In the halving years of BTC, the fourth quarter often shows a rising trend. This means that historically, Bitcoin could complete a significant portion of the increase of this cycle in the next two months.
Since 2011, the accumulated growth of Bitcoin has exceeded 20,000,000%, far surpassing the accumulated growth of 541% of the Nasdaq 100 Index and 282% of major US stock indices.
Market liquidity notes
Before Bitcoin reached the price of 99,588, the dense liquidity in the 90,000 - 98,000 range was completely wiped out. The liquidity group below 92,000$ after Bitcoin reached its ATH above 99k has also returned and cleared out. Currently, it can be seen that the liquidity range at 99,500-100,000$ is very large. This also proves that the market is optimistic and we can expect Bitcoin to create a new ATH due to increased liquidity.
The market is greedy and positive
The fear and greed index of cryptocurrencies shows that the market is very positive, maintaining above 75, considered a high and very high greed level.
Previously, Trading Insight also updated that the Greed Index could reach high levels of up to 95 and 97 points when last week it consistently maintained between 86 and 94 points. It has now decreased as the price of bitcoin has also adjusted but not significantly.
Summary
Based on the above data, all provided statistics show the potential for price increase and heightened confidence in this asset. The practical demand is increasing, attracting more and more new investors. Strong cash flow increases could drive Bitcoin's price up steadily in the present and future. The information that Trading Insight provides along with Binance hopes to assist everyone in price prediction and investing in the Crypto market. Track Bitcoin price here
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