The post Bitcoin Sets $93.5K Record – Six-Figure BTC Price Coming? appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has been predicted to enter the $100k zone following the recent release of the Consumer Price Index (CPI) with the Producer Price Index (PPI) also expected soon.  Ali Martinez has predicted that Bitcoin could hit the $255k price point in this cycle based on the formation of a “cup” and “handle” pattern that started in 2022.  Bitcoin (BTC) strongly holds its position above $90k after hitting an all-time high price of $93k on November 13. Meanwhile, market data suggest that the 24-hour volume remains 18% up with $119 billion changing hands at press time. According to analysts, this significant upsurge and bullish sentiment was triggered by the latest United States inflation data. Based on our research, the Consumer Price Index (CPI) has fallen in line with the expected rate of 2.6%. Traders also continue to bet on a potential rate cut in December with data from CME Group’s FedWatch Tool disclosing that the chance for this to happen is around 80%. Commenting on this, founder of hedge fund Lekker Capital Quinn Thompson has disclosed that this could be a massive catalyst to fuel Bitcoin’s growth to $100k. Similarly, analyst Michaël van de Poppe highlighted that the upcoming data on the Producer Price Index (PPI) could set the asset to a renewed bullish momentum. Meanwhile, a renowned crypto trader identified as Skew has disclosed that $95k could be the key supply zone based on the exchange order book liquidity. CryptoQuant Predicts $200k for Bitcoin Subjecting a CryptoQuant blog post to a comprehensive review, we discovered that the bull market is far from over as Bitcoin has been estimated to peak between $180,000 and $200,000. Two months ago I highlighted that the peak in March of this year was not the all-time high for the ongoing Bitcoin cycle. This perspective…

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Filed under: News - @ November 15, 2024 12:21 am