Period: 31.12.2024 Expectation: 15000 pips

Bitcoin buyers are targeting $100,000 by year-end

12 November 2024 38
Ivan__Titov
Ivan__Titov

Listed among the best MarketCheese authors
1st in the segment "Crypto"
Bitcoin buyers are targeting $100,000 by year-end

Last week, the Bitcoin price showed a sharp upward momentum, which does not seem to end despite its overbought condition. Since the presidential election in the US, the main cryptocurrency has already risen by 30%, and at today's trading session approached the level of 90,000. The rally has clear signs of agitated demand, but this does not at all guarantee the return of the price to the initial positions. After a corrective pullback, Bitcoin is quite capable of continuing its rise to the psychological level of $100,000.


An obvious trigger for the growth of the cryptocurrency market is Donald Trump's victory in the US presidential election. According to him, the future government will be much friendlier to cryptocurrencies than the current authorities. Nick Tweedale, chief analyst at ATFX Global, points out that Bitcoin has already been trading near all-time highs before the election results. Therefore, the potential for the prices to rise may be far from exhausted.


Matthew Dibb, the CEO at Astronaut Capital, is estimating the impact of Trump's idea to create a national Bitcoin reserve. There are no details about this initiative yet, but even the very fact of its discussion has already caused a surge in purchases of the main cryptocurrency. According to Dibb, other countries have decided to be proactive and buy Bitcoin now in order to avoid competition with the US in the future.


Another factor contributing to the current rally is the promise of the newly elected US president to fire the head of the Securities and Exchange Commission (SEC) Gary Gensler. Investors consider this decision the end of strict regulation of the cryptocurrency market.

Deribit experts believe that if the plan to change the SEC leadership is confirmed, Bitcoin could reach the 100,000 level before the end of 2024. Market participants have already opened relevant long positions totaling $780 million.


Given how overheated the technical indicators are, it is better to buy Bitcoin at the start of a correction. A pullback to the 80,000–85,000 range could be a good opportunity.

 


Consider the following trading strategy:


Buy BTCUSD in the range of 80,000–85,000. Take profit – 100,000. Stop loss – 75,000.

This content is for informational purposes only and is not intended to be investing advice.

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Ivan__Titov
Ivan__Titov

Listed among the best MarketCheese authors
1st in the segment "Crypto"
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