Bitcoin Hits New Record High, Pushing Towards $100,000
Bitcoin made headlines once again as it surged to a new all-time high of over $69,000 on the popular cryptocurrency exchange Coinbase. This price level had previously been touched on November 10, 2021, but the surge was short-lived as the world’s largest cryptocurrency quickly retreated to around $67,000.
The rapid rise and subsequent sell-off resulted in a market-wide volatility, with prices plummeting to as low as $60,800 and over $1 billion in liquidations. Many analysts attributed the selling pressure to profit-taking by investors who had held their positions at historical highs, as well as miners offloading some of their bitcoin holdings.
However, Bitcoin showed resilience and rebounded during Asian morning hours, hinting at its strong market fundamentals. In fact, institutional crypto exchange LMAX Digital commented in a morning note that the recent record-breaking performance sets the stage for a potential push towards the $100,000 mark. Nevertheless, LMAX also cautioned that a deeper correction should not be ruled out in the coming days.
“As far as setbacks go, we expect any significant pullbacks to find solid support in the $50,000 range, which is now considered a formidable zone of support.” In other words, while it is possible that there could be quick drops below $50,000, any such dips are expected to be short-lived and quickly recover.
As the world of cryptocurrencies continues to evolve, Bitcoin’s recent surge and subsequent market correction serve as a reminder of the inherent volatility but also the potential for significant gains. With market observers already eyeing the $100,000 milestone, the future of Bitcoin remains unpredictable but undoubtedly captivating.
Analyst comment
Positive news: Bitcoin Hits New Record High, Pushing Towards $100,000
As an analyst, the market is expected to experience further volatility in the coming days. While Bitcoin’s recent surge and subsequent sell-off indicate inherent volatility, the strong market fundamentals and rebound suggest a potential push towards the $100,000 mark. However, a deeper correction should not be ruled out, but any significant pullbacks are expected to find solid support in the $50,000 range. The future of Bitcoin remains unpredictable but undoubtedly captivating.
