Bitcoin’s price has factored in an additional 1.17% increase over the last 24 hours.
The cryptocurrency’s daily trading volume increased by 6.60% as per CMC data.
Upon Trump’s victory in the US elections, the crypto market welcomed a second day of bullish movements in the last 24 hours. On election day, the crypto market rallied following Bitcoin’s 10% increase. Several altcoins also surged, reflecting the largest cryptocurrency. However, the market also showed increased volatility on Tuesday.
In the last 24 hours, Bitcoin has been trading at the $73,000 and $74,000 levels. The cryptocurrency hit its new ATH at $76,400 on November 6 having been pumped by the US elections. While the cryptocurrency’s volatility showed a mild rise, it has now calmed down as suggested by the RVI standing at 36.27.
Moreover, the asset’s daily price chart shows that it has factored in an additional 1.17%. Its current price cycle has fluctuated between $74.6K and $74.8K. According to CMC data, at the time of writing, BTC was trading at $74,755.
Amid the Bitcoin pump the cryptocurrency’s market sentiment has remained neutral after a brief stepping into the overbought situation. Presently, BTC’s RSI stands at 67.15 as per TradingView data.
Will Bitcoin Price Hit $1M by Year End?
The largest cryptocurrency has performed in relevance to market analysts’ predictions. In the past few weeks, several members had predicted that BTC would surpass its previous ATH and hit the $76K level during the US Elections. Following the token’s unraveling according to expectations, experts have proceeded to analyze its future movements after the new levels.
BTC/USDT Daily Price Chart (Source: TradingView )
Moreover, the cryptocurrency’s short-term 50-day MA has surpassed its long-term 200-day MA showing a golden crossover. This indicates that Bitcoin’s price can be expected to witness more price breakouts in the coming days. Additionally, analyst Ali has predicted that Bitcoin might reach market tops within a period of 8 to 12 months following its new ATH.
Furthermore, the community also expects the cryptocurrency to hit $1 million by the end of 2024, as predicted by leading members in H1 2024. If Bitcoin’s price continues its upward momentum undeterred by obstacles, then it might hit $1 million by the end of 2024.
Other altcoins such as Ethereum and Solana have also reflected Bitcoin’s price movements in the past day.
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