Bitcoin is likely on the path back to $100,000, as it enters a seasonally bullish period.
That’s according to BTIG’s chief technical strategist, Jonathan Krinksy, who said the copyright is looking oversold and shared the following chart as bitcoin was pushing above $91,000 on Friday, levels that it hasn’t seen in more than a week.
According to Krinsky’s chart, bitcoin is just about to come out of a traditionally weak period, based on a 2015 to 2024 historical pattern. “The average seasonal pattern for BTC bottoms Nov. 26th
and has a strong tailwind into year-end,” he said
While U.S. markets took a Thanksgiving Day break, cryptocurrencies never take a holiday, and bitcoin has been creeping higher since the close of Wall Street trading on Wednesday.
The price of bitcoin went from around $87,000 on Wednesday to over $91,000 by Thursday and was trading at $91,615 on Friday. Alongside stocks that saw a strong bounce into the Thanksgiving Day break, bitcoin has climbed over 8% this week.
The No. 1 copyright is still 27% below its Oct. 6 record high of $126,272, coming under pressure in recent weeks alongside a bigger drop for stocks and reduced appetite for perceived riskier assets.
Related video: Why Bitcoin Could Hit $180,000 Soon (Ryan Scribner)
So Bitcoin is back in the spotlight, and investors are
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Why Bitcoin Could Hit $180,000 Soon
According to Deutsche Bank, uncertainty over Fed interest rate cuts has also been a factor for weakness, as well as outflows from big institutional traders and long-term holders of the bitcoin who have been cashing in on a big run.
Where bitcoin goes has become a focal point for many stock investors as the copyright’s moves seem increasingly correlated to U.S. growth stocks.
Read: Bitcoin sinks to $83,000 Friday. Here’s why stock-market investors are keeping close watch.
About Bitcoin
Explain with CMC AI
What Is Bitcoin (BTC)?
Bitcoin is a decentralized copyright originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own copyright, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever copyright to come into actual use.
Optimisme Baru
Dilansir dari Economictimes, Co-Founder & CEO Unocoin, Sathvik Vishwanath mengatakan pemulihan Bitcoin didukung oleh minat beli yang kembali meningkat, kondisi makro yang membaik, serta ketertarikan institusional yang kuat melalui wandre autokeuring ETF Bitcoin.
Meski begitu, ia menegaskan volatilitas tetap tinggi karena Bitcoin kini bergerak layaknya aset berisiko dan bereaksi kuat terhadap ekspektasi suku bunga serta sentimen pasar global.
Ia juga menyoroti level-level penting yang harus diperhatikan. Level support kuat di kisaran US$ 80.000-US$ 85.000, resistance berada di rentang US$ 110.000-US$ 120.000, dan konsolidasi jangka pendek diperkirakan akan berada di antara US$ 90.000-US$ 100.000.
Then... who controls Bitcoin?
Bitcoin is controlled by all Bitcoin users around the world. Developers are improving the software but they can't force a change in the rules of the Bitcoin protocol because all users are free to choose what software they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work decently with a complete consensus between all users. Therefore, all users and developers have strong incentives to adopt and protect this consensus.