Bitcoin Price Surge: Is the $100K Target Possible This Year?
Bitcoin Price Soars – Bitcoin has surged past $90,000, with long-term holders (LTHs) cashing out on their investments. According to CryptoQuant analyst Percival, many holders who have kept Bitcoin for over 155 days see $90K as an ideal profit-taking point. Despite this, Bitcoin reached a new all-time high of $93,215 on November 13.
Profit-Taking and Market Resilience
As of now, Bitcoin is trading at $89,945, with many investors taking profits as the price breaks key resistance levels. Despite sell-side pressure, the rise in Bitcoin ETF investments, totaling $4.09 billion since November 5, has helped absorb the selling activity without significantly impacting Bitcoin’s price.
$100K Milestone on the Horizon
Bitcoin supporters, including MicroStrategy’s Michael Saylor, predict the cryptocurrency could surpass $100,000 by December. Ryan Lee, Chief Analyst at Bitget Research, also suggests that Bitcoin may see a 14.7% rise, pushing it above $100K by month-end.
Bitcoin’s performance remains strong, with increasing institutional support and growing optimism for a $100K price by the end of 2024. Investors are eyeing the coming weeks as Bitcoin continues to break new price barriers.
FAQ: Bitcoin Hits $90K—What’s Next for BTC?
Why is Bitcoin’s price surging past $90,000?
Bitcoin’s price has surged due to a combination of long-term holders (LTHs) taking profits after the cryptocurrency surpassed $90,000, as well as increased market interest following pro-Bitcoin political developments. Additionally, Bitcoin ETFs have absorbed much of the selling pressure, allowing the price to remain stable.
What do long-term Bitcoin holders think about Bitcoin reaching $90K?
Long-term Bitcoin holders, who have kept their BTC for over 155 days, are not deterred by the $90K price point. Many see it as a profit-taking zone, with some choosing to sell their BTC after it surpassed this level.
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