‘Chance of a drop in bitcoin price small, record of $150,000 possible’

Tuesday 12th November 2024 03:57 PM

This past weekend meant a lot of green candles for bitcoin (BTC). On November 11, bitcoin’s daily gain was as high as 4.5%. At the moment, a pullback for bitcoin seems unlikely, crypto traders think. Up to the price of $150,000 the way would be clear.

$90,000 is in sight for bitcoin

Data from TradingView, among others, shows that the price of bitcoin passed $89,000 after Wall Street opened. Over the past seven days, the bitcoin price has risen almost 26%, without the charts showing any signs of significant correction or consolidation.

Bitcoin is currently entering uncharted territory, but there are many traders who expect a rising price for bitcoin. For example, Peter Brandt argues that bitcoin is currently showing a large buy signal. He identified a so-called reverse head and shoulders pattern, which is positive. You have one large dip (the head), with small dips before and after that (the shoulders).

A popular account on X called Bitcoindata 21 that the price of bitcoin in the short term will be fueled by the bears (pessimists) among crypto traders. With their short positions, which the market then liquidates, they pull the bitcoin price up. He does not assume that bitcoin will fall back by more than 20%.

Speculations on a major price correction

There are analysts and traders who think that the price of bitcoin is in for a major correction. A trader known as Il Capo of Crypto even predicts that bitcoin will fall back to $12,000 during the current bull market.

Il Capo of Crypto is not the only pessimist. CoinGlass data shows that many short positions have been taken starting at $85,000 and many liquidations have already taken place starting at $80,000

Bitcoins ETFs are creating momentum

There is also an important role for the exchange-traded funds (ETFs) of bitcoin. In the previous week, Bitcoin ETFs saw more than $1.5 billion inflows.

Bitcoin’s largest ETF, BlackRock’s iShares Bitcoin Trust (IBIT), recently even surpassed gold’s ETF. The gold ETF has been trading for two decades, so this outperformance means a lot.

Editor’s tip: OKX is temporarily giving all Dutch people free bitcoin

Since its approval by the DNB, OKX is perhaps one of the most complete crypto apps in the Netherlands. With their Web3 portal you can trade more than 1 million crypto – for example, people bought SHIBA, DOGE and PEPE before they were available on major exchanges. As a reader of Crypto Insiders you will receive 20 euros for free in bitcoin on OKX.

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