Bitcoin Continues to Smash a New ATH as the Bullish Sentiments Gear Up
- Patricia ArquetteOriginal
- 2024-11-11 19:22:28202browse
After rising above $81,500, the market participants have become confident of the price hitting the milestone at $100K before the monthly close
Bitcoin price smashed a new all-time high (ATH) on Monday as bullish sentiments continued to gear up in the crypto space.
The optimistic wave flowing into the crypto space has been building up ever since Donald Trump was elected as the new President of the United States. Now, as the BTC price rose above $81,500, market participants grew increasingly confident that the price will hit the milestone at $100K before the monthly close.
Bitcoin Price Analysis
The crypto markets have been on fire ever since Donald Trump was elected as the new President of the United States. The Bitcoin price, which was speculated to remain under ascending consolidation, bragged in forming new ATH every day. This is considered one of the biggest bullish signals flashed suggesting a major price action could be unfolded, elevating the levels towards the much-anticipated milestone at $100K, probably much before the anticipated time of early 2025.
The BTC bulls are in complete control at the moment as the market sentiments have become extremely greedy. With this, the traders appear to have become optimistic about the next price action but at the same time have placed huge long bets that have been accumulated with the stop loss at around $76,000 to $77,500. This suggests the traders still expect the price to face a retracement to these levels, but here is the next pitstop for the BTC price rally.
The historical pattern suggests the BTC price has exploded and is at the foothills of a monstrous rally. Usually, the token tends to follow the previous pattern following the 4-year cycle which suggests the price has triggered a 500% run that it underwent back in 2020-2021. If the price follows the pattern closely, then the next pitstop could be around $90,000. The FIB levels suggest that the price faced some bearish actions between 1.2 and 1.4 FIB before and hence the bears are expected to intensify their activity once the price rises above these levels.
Therefore, the Bitcoin price may keep an uninterrupted rise to enter the levels between $89,500 and $90,660 over the next 5 months, followed by a bearish encounter However, the BTC bull run of over 500% rise leads the ATH somewhere around $300K and if the bulls demonstrate a similar price action as they did in 2021, the year 2025 could be marked as the strongest bull run ever in history.
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