Bitcoin Price Nears $100,000 Amid Bull Run
- Bitcoin’s new price follows after it hit $98,000 yesterday
- Analyst Skew said there is a “positive market signal” and that there is “a lot of aggregate spot supply around $100k”
Bitcoin’s Rise Towards $100,000
Bitcoin came within touching distance of $100,000 on November 22 as the asset continues its bull run since the beginning of November.
Bitcoin Hits Record High
Data from CoinMarketCap shows Bitcoin hit a high of $99,500. The record comes after Bitcoin topped $98,000 yesterday, pushed along by the launch of ETF options earlier this week.
Analyst Insights
The rally follows after Bitcoin dipped to $95,000 yesterday afternoon before rallying into the green.
Analyst Skew mentioned on Twitter that there is a positive market signal with a lot of aggregate spot supply around $100k.
Price did see a brief LTF dip before higher thereafter. Still seeing limit bids moving higher with underlying spot buyers ~ positive market signal.
A lot of aggregate spot supply around $100k. Price currently is chewing away at this supply, before this has preceded a pretty violent breakout.
Market Analysis and Predictions
Joe Constori, head of growth at Theya and institutional lead at the Bitcoin Layer, believes that Bitcoin reaching $100,000 is inevitable.
Market analyst Ali mentioned the TD Sequential presenting a sell signal on the Bitcoin 4-hour chart, anticipating a brief correction before potential further growth.
The TD Sequential presents a sell signal on the Bitcoin 4-hour chart, anticipating a brief correction to $97,085!
A candlestick close above $100,470 will invalidate the bearish formation and potentially push BTC to $102,656 or $104,343.
Trump’s Influence on Crypto Market
The continued surge in Bitcoin’s price follows since Donald Trump won his re-election into the White House on November 5.
Trump’s pro-crypto stance and promises to make the US the “crypto capital of the world” have positively impacted the market.
Reports suggest that Trump’s transition team is considering establishing a White House crypto office to oversee digital asset regulations.
At the time of publishing, Bitcoin is trading at $98,600.
