Categories: Crypto Review

Bitcoin’s target is $100K, but could be $70K first

Market Picture

In the cryptocurrency market, bitcoin has hit all-time highs, rising above $76K at one point on Wednesday. The increase over Tuesday and Wednesday was an impressive 14% but is well within the upward trend established in early September, although we did see a very rapid rise from the lower end of the range to the upper end.

Given the latest technical breakout, the working scenario looks like a rise to $100K in the two to three-month timeframe. A more moderate pattern suggests staying inside the formed range, within which the chances of a pullback to $70K are higher in the short term.

News Background

Many crypto industry participants believe Trump’s victory will be a catalyst for the development of the country’s digital asset sector. In addition to a change in leadership at the SEC and a review of the regulator’s enforcement practices, the industry also expects to see an increase in the number of cryptocurrency ETFs.

Bernstein expects clarity on the classification of crypto assets and faster progress in passing legislation on stablecoins and the structure of the whole crypto market.

Trump’s victory sent cryptocurrency stocks up more than 10% on Wednesday. Miners also strengthened their positions. Shares of Elon Musk’s Tesla jumped almost 15%.

Bitcoin’s price surge above $75K makes its market cap bigger than that of US fintech giant Meta. The first cryptocurrency climbed to ninth place on the list of biggest assets by capitalisation.

Ethereum’s capitalisation to bitcoin ratio fell to 24.5%, its lowest level since April 2021. At the beginning of 2024, the ratio was 32.7%. The indicator reflects investor preferences and capital flows between the two largest cryptocurrencies.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

Dollar roars up after election uncertainty

The dollar index rallied on the US presidential election results, picking its way up after…

4 hours ago

Gold retreat to test major trend support

Gold lost over 3% on Wednesday and now evaluating an important support line at the…

4 hours ago

New Growth Impulse for Stocks

The US stock market experienced a rally after the presidential election results, with several key…

4 hours ago

Gold Wave Analysis 6 November 2024

- Gold broke support area - Likely to fall to support level 2600.00 Gold recently…

23 hours ago

USDJPY Wave Analysis 6 November 2024

- USDJPY broke resistance area - Likely to rise to resistance level 156.00 USDJPY currency…

23 hours ago

Euro Falls on Trade War Fears

The single currency has been one of the losers from Trump's victory, losing 2% on…

1 day ago

This website uses cookies