Bitcoin has hit $100,000 for the first time, marking a monumental achievement in the cryptocurrency market. This milestone pushes Bitcoin’s market cap to $2 trillion and contributes to the broader cryptocurrency market reaching a new all-time high of $3.59 trillion.
Amid rising bullish sentiment in the crypto space, the market is highly anticipating the BTC price to maintain its bullish rally. In this article, we will understand the extent of the possibility of this star crypto achieving this milestone.
Bitcoin (BTC) Price Analysis
The BTC price has soared ~34% during the past 30 days, making November the most bullish month of this year. Moreover, it has recorded increased bullish sentiment, highlighting a significant rise in the buying pressure. With a trading value of over $100,000, it has a valuation of ~$2 Trillion.
The Relative Strength Index (RSI) continues trading above the overbought range in the daily time frame. This indicates an increase in the buying pressure for the Bitcoin price in the crypto market.
The EMA 50/200-day shows a constant rise in the BTC price chart. This highlights that the price may continue gaining value this week.
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How High Can BTC Price Go?
If the market continues favoring the bulls, the Bitcoin price will head toward its upper high of $110k during the upcoming time. Maintaining the price at that level will set the stage for it to head toward its upper high of $120k.
On the flip side, if the bears outrun the bulls, the BTC price will retest its support level of $90,000. Furthermore, if the bears gain momentum, the largest crypto token may plunge toward its lower support level of $80,000.
FAQs
With increased bullish sentiment, it is highly unlikely that the BTC price will experience a correction this week.
Bitcoin is currently trading at $100,000, a historic high for the cryptocurrency.
The market sentiment is extremely bullish, with the fear and greed index at 85, reflecting “Extreme Greed.”
Considering the present market sentiments, the ETH price could experience increased price action, potentially retesting its $3.5k level.
The DOGE price is currently exchanging hands at $0.396, and with the BTC price achieving this milestone, the meme coin leader could rally by up to 15%.
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