Bitcoin hits a new high… Here are the main factors behind this rally
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Answer Bitcoin hits a new high… Here are the main factors behind this rally
The world’s largest cryptocurrency regained its bullish momentum once again by hitting a new all-time high above $68,500 and entering the price discovery territory.
On Monday, Bitcoin recorded a bullish breakout with the formation of a daily candlestick heading higher on the technical charts.
– Lark Davis (@TheCryptoLark) November 9, 2021
Bitcoin bulls are closely eyeing the $70K target this week.
PlanB analyst supply-to-flow indicator already anticipates a $100,000 price target for bitcoin by the end of the year.Read:Heads of Citi’s cryptocurrency platform announce their withdrawal from the project
The same analyst also expects Bitcoin to reach $288,000 on average in this bullish cycle.
As you know, the S2F model predicts an average of $100,000 for this halving period (and based on the floor model, we’re hitting $100,000 this year). But the S2FX model expects an average of $288,000 for this cycle (we need some real fireworks in 2022 for that). Let’s see where this second phase of the bull market takes us pic.twitter.com/ttiNT5yMKe
– PlanB (@100 trillion USD) November 8, 2021
The main factors that indicate the beginning of the rise of Bitcoin (BTC):
Although Bitcoin is trading at an all-time high, this may just be the beginning of the next upward trajectory according to historical charts.
The charts below compare the bitcoin rally of 2013 and 2017 to prove it.
The chart also shows that if BTC repeats its previous behavior, BTC is looking to reach a high of $200,000.
While the price of Bitcoin has touched an all-time high, the market euphoria is nowhere near its peak in May 2021.Read:The SEC has not yet determined its position on Ethereum, whether it is a cryptocurrency or a security?
Popular crypto analyst Lark Davis notes that there is a lot of money behind the latest pump rather than the money of retail investors.
Bitcoin is approaching a new all-time high and search volume on Google is still very low.
This rally does not appear to be led by retail investors, and the big money appears to be quietly buying.
Read:Report: Polkadot Project Could Be Among Top Three Blockchain Projects
The data analysis platform “Santiment” verified this, noting the continued accumulation of mega whales, and indicated the following:
Bitcoin made a big jump in the early hours of Monday, moving above $66,000 for a brief period as most altcoins lagged behind.
Large whale addresses with $10,000 to $100,000 have raised $43,000 more BTC and their bags have increased by 2.1% in just the past five days.
The bulls seem to be preparing for what could be another historic chapter in the Bitcoin life cycle.
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