Bitcoin Surges to All-Time High of $98,370
- Bitcoin reaches its highest-ever price as bulls aim for $100,000
- Rally initiated since Donald Trump’s re-election on Nov. 5
Bitcoin’s relentless climb towards $100,000 saw the cryptocurrency breaking past $98,000 for the first time in history. Surging to a record high of $98,370 on Coinbase, Bitcoin showed a 5.5% increase in 24 hours, pushing its market cap above $1.94 trillion.
Analysts Predict “Parabolic” Phase as Bitcoin Nears $100k
Market conditions, influenced by the demand for spot Bitcoin ETFs and recently launched ETF options, indicate a potential major breakout above $100,000. Analyst Ali Martinez shared a chart suggesting a bull flag pattern breakout.
#Bitcoin $BTC could reach $100,000 today as it appears to be breaking out of a bull flag on the lower timeframes. pic.twitter.com/UKKcXilHO4
— Ali (@ali_charts) November 21, 2024
Bitcoin has surged over 30% in the past two weeks and 46% in the last month. The cryptocurrency’s upward momentum started in early November, coinciding with the US election.
On Nov. 5, Bitcoin surpassed $69,000 following projections of a Donald Trump victory. The positive results and Trump’s pro-crypto stance further boosted investor confidence.
Recent announcements regarding Trump’s cabinet picks have reinforced the optimistic outlook for the US crypto space.
Industry analysts believe that the real FOMO (Fear of Missing Out) will kick in once Bitcoin crosses the $100,000 mark, signaling the start of a parabolic phase.
Bitcoin has a parabolic phase once every 4 years. The parabolic phase starts after $100K. pic.twitter.com/YJUcvVo6Gh
— Charles Edwards (@caprioleio) November 21, 2024
For more information, read about Donald Trump’s transition team considering the establishment of the first-ever White House crypto office.
