Key Points
- Bitcoin’s price continues to surge, outperforming popular assets and predicted to reach new highs.
- Experts warn of potential short-term pullback and overleveraging in the perpetual market.
Bitcoin’s value continues to uphold a robust bullish trend. The cryptocurrency was trading at $91,200 on Thursday, Nov. 14, marking a 115% increase in its year-to-date gains. This growth outpaced major assets such as the Dow Jones, Nasdaq 100, and S&P 500 indices.
Experts Predict Further Growth
Matthew Sigel, VanEck’s head of digital assets, shared in a CNBC interview that Bitcoin’s price rally is poised for further growth. Sigel anticipates that the cryptocurrency will achieve repeated all-time highs in the upcoming quarters, following the conclusion of the US election. He noted that the first pro-crypto president, Donald Trump, has already appointed several pro-crypto officials.
Additionally, certain newly elected representatives in the House have expressed pro-crypto sentiments. Sigel pointed out that multiple top indicators tracked by his firm are still showing positive signs. He forecasts that Bitcoin’s price could potentially double to reach $180,000.
Polymarket also maintains a highly bullish stance on Bitcoin. A recent poll comprising over 724,000 in assets suggests a 56% probability of Bitcoin hitting $100,000 this month.
Contrary Opinions and Warnings
However, not all views are bullish on Bitcoin. A social media influencer known as Ali predicts a short-term pullback for the cryptocurrency due to the TD Sequential indicator’s sell signal on the daily chart.
CryptoQuant founder, Ki Young Ju, also issued a warning regarding the perpetual market’s overleveraging, which could potentially lead to a sharp retracement.
Despite these warnings, the daily chart suggests more Bitcoin upside in the near term. Bitcoin has already surpassed the critical resistance level at $73,777, the previous all-time high. It has also formed a golden cross pattern, often leading to substantial gains.
The MVRV indicator has risen to 2.7, with sell signals typically triggered when it reaches 3.5. Therefore, the path of least resistance for Bitcoin’s price is higher, with the next target being $100,000. This prediction will become invalid if the price falls below the support at $85,000.
