Will Bitcoin’s Post-Election Rally Push It to $100K Target? –
The post Will Bitcoin’s Post-Election Rally Push It to $100K Target? – appeared on BitcoinEthereumNews.com.
Bitcoin hit a new all-time high of $76,943, surpassing $75K, signaling strong bullish momentum. A crypto analyst predicts Bitcoin will reach $100K by the end of 2024. Bitcoin (BTC) is back in the spotlight, soaring to new highs following Trump’s election victory effects in the U.S. The market also reacted swiftly, leading Bitcoin to enter the third consecutive day of bullish momentum. Just 10 hours ago, BTC recorded a new all-time high of $76,943, surpassing its previous record of over $75,000 set on November 6. This spike reflects not only positive sentiment around the pro-crypto presidency but also an encouraging legislative move by U.S. Senator Cynthia Lummis. According to the recent report, Senator Lummis unveiled a major plan targeting the Federal Reserve, reiterating the United States’ intention to create a “strategic Bitcoin reserve.” This announcement might trigger the current wave of confidence, propelling BTC’s upward climb. Although BTC’s price briefly dipped after hitting its peak, it currently stands at $76,028 with a market cap of $1.50 trillion, still maintaining a position and a 60% dominance in the crypto market. Bullish Signals Point to $100K by End of 2024 The daily price chart shows a modest 1.17% rise, with Bitcoin fluctuating between $75.6K and $76.3K. However, the market sentiment remains optimistic as Bitcoin’s RSI (Relative Strength Index) sits at 68, nearing an overbought threshold, signaling strong buying momentum. Adding fuel to the rally, Bitcoin’s short-term 50-day moving average has crossed above the long-term 200-day moving average, forming a “golden crossover”—a” classic signal of potential price breakouts. Further, Bitcoin’s Chaikin Money Flow (CMF) indicator sits at 0.25, a bullish signal that indicates solid buying interest and hints at possible further gains. To validate this, many crypto analysts, including Mister Crypto, Mikybull, and Daan Crypto Trades, believe that BTC could target $100K by…
Filed under: News - @ November 8, 2024 10:22 am