Bitcoin surged to a new all-time high of $81,858 this week, gaining over 17.5% and adding $300 billion to its market cap this week itself.
Key Notes
- Despite the rally, 60.2% of traders on Binance hold short positions on Bitcoin, reflecting short term bearish sentiment.
- Veteran trader Peter Brandt predicts a long-term rally for Bitcoin to $250,000, citing a bullish inverse head-and-shoulders pattern.
- Also, demand for spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, continues to fuel market momentum.
With more than 17.5% gain on the weekly chart, Bitcoin price
BTC
$81 357
24h volatility:
2.8%
Market cap:
$1.61 T
Vol. 24h:
$87.54 B
has been on an unstoppable rally surging to a new all-time high of $81,858 level earlier today. As a result, the world’s largest crypto has added over $300 billion to its market just within a week’s time. This massive resurgence comes following Donald Trump’s victory last week as well as the 25 bps Fed rate cut announcement.
This leads us to question how much can the Bitcoin price rally further or should investors wait for some pullback before fresh entries? As per the Coinglass data, the recent BTC price rally has led to $121 million in liquidation over the last 24 hours. Of these, $83.4 million has been in short liquidation and $38.4 million in long liquidation.
However, following the recent run-up, short positions on the crypto exchange Binance are on the rise. Crypto analyst Ali Martinez reports that 60.2% of all traders with open Bitcoin futures positions on Binance are currently betting against the cryptocurrency, taking short positions. This bearish sentiment reflects a significant majority of traders anticipating a potential price decline for Bitcoin in the near term.
60.2% of all traders on #Binance with open #Bitcoin futures positions are going short! pic.twitter.com/QcV9Pwrjqc
— Ali (@ali_charts) November 11, 2024
As a result, there is a chance that BTC might see a re-test to $80,000 or to another support level of $78,000 before making any further move.
Bitcoin Price Might Rally to $250K, Says Peter Brandt
Market analysts continue to remain bullish over the long-term prospects as it enters the price discovery zone. Veteran trader Peter Brandt stated that the BTC price is making a bullish breakout with the inverse head-and-shoulders pattern on a multi-year chart, thereby setting up the stage for the next rally to $250,000.
He shared the comparison to the spot Gold prices after a similar breakout. Of course, Brandt’s prediction for the Bitcoin price rally is on a long-term horizon.
This is called a complex continuation inverted H&S pattern – I know that’s a mouth full
Lots of chartists deny its existence – not me
Also not Schabacker, Edward and Magee – check for yourself
Note the similarities to Gold in 2009-2010
Complex shoulders, stunted RS$BTC $XAUUSD pic.twitter.com/6YfzDsq5Om— Peter Brandt (@PeterLBrandt) November 10, 2024
Amid strong demand for the spot Bitcoin ETFs, the Bitcoin price has already given an 80% runup. Seeing a multi-month consolidation following the Bitcoin halving event, the US election result, and the latest Fed rate cut provide an additional catalyst for BTC to rally ahead.
Spot Bitcoin ETFs, including BlackRock Inc’s $35 billion iShares Bitcoin Trust (IBIT), have been significant drivers of the current BTC price boom. According to Farside Investors data, IBIT recorded daily net inflows of nearly $1.4 billion on November 8. A day earlier, trading volume for the iShares ETF hit an all-time high, highlighting the bullish sentiment around Bitcoin amid Trump’s political comeback.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
