Why is Bitcoin Price Up Today?
Bitcoin has been surging to all-time highs since the election. The price has gained over 3% in the past 24 hours and is currently trading above the key $94,500 mark. Most of the top 10 cryptocurrencies are trading in the green, keeping the overall market sentiment positive. Yesterday, Bitcoin tested the $91,000 level. However, with renewed hope and continued institutional interest, the anticipation of hitting the $100,000 mark has everyone on edge.
Santiment revealed that Bitcoin has reached a new all-time high of $94,400, but overall comments on social media have remained relatively quiet. This lack of excitement is actually a positive sign, as fear of missing out (FOMO) often leads to price corrections. As long as retail traders remain skeptical, large investors (whales) can continue to push the price of Bitcoin higher with minimal resistance.
Bitcoin Price Prediction:
The next key levels to watch are $95,000, $97,000, or even $100,000, but there is no guarantee we will reach these levels. While Bitcoin has rallied, altcoins are currently underperforming. If Bitcoin continues to climb, it could cause attention to shift back to altcoins, but we need to be wary of a potential pullback.
If Bitcoin experiences a correction, it likely won’t be a major crash; it may just be a sideways correction that will still allow for more upward movement afterwards. The key here is to watch for continuation above key levels and keep an eye on individual altcoins for a breakdown from support levels.
However, as long as support levels hold, BTC is still looking for higher prices, but the market structure is a bit volatile and uncertain. Momentum is not very strong and this may be a temporary correction rather than a clear upward wave.
