Bitcoin Price Hits New All-Time High Near $93,434 Amid Continued Market Volatility
On November 14, the price of bitcoin swallowed yet another all-time high, trading close to $90,000. Data from TradingView and Cointelegraph Markets Pro indicated that volatility persisted even after BTC/USD had set a record of $93,483 on Bitstamp the day before. On the heels of the most recent US inflation figures, this occurred during the Wall Street trading session. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) print for October was still rising but decreased in line with predictions of 2.6%.
Bitcoin Could Hit $200K in 2024, Says Onchained Analyst, Based on Top/Bottom Index
Crypto market analysts responded by pointing out that there were not many macroeconomic obstacles preventing additional increases in the price of Bitcoin.
CPI in line. See you at $100k Bitcoin next week.
Quinn Thompson, founder of hedge fund Lekker Capital
In a November 13 Quicktake blog post, Onchained, a contributor to the on-chain analytics platform CryptoQuant, joined those anticipating more increases. Consequently, the price of Bitcoin/USD may rise from its current $93,000 level to as high as $180,000 to $200,000.
Notably, the 0nchained Top/Bottom Index had declined to the levels it registered during the $73,000 price point back in March, signaling significant room for potential upside. Again, and again, we’re not at the peak yet! The index suggests that the top will be reached when the indicator falls within the 0 to 0.09 range—currently, it’s still at 0.27
Onchained
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment