Bitcoin Surpasses $100,000 Again After US CPI Announcement
Bitcoin Surges Past $100,000 again, Fueling Hopes for Year-End Rally
Bitcoin’s price soared past the key psychological barrier of $100,000 on Tuesday, reigniting optimism among investors who predict a strong finish to the year for the cryptocurrency.
The surge, which saw Bitcoin climb over 4% to surpass $101,000, comes on the heels of a recent correction that saw the digital asset dip below the 130 million won mark in Korean won terms.
Analysts attribute the renewed rally to the release of the US November consumer Price Index (CPI), which met market expectations. The CPI data is closely watched by investors as it influences the Federal Reserve’s (Fed) decisions on interest rate hikes.
“As expectations of interest rate cuts rise,purchasing power appears to have flowed into virtual assets in riskier asset groups,” said one industry expert.This latest surge is particularly noteworthy as it follows a period of consolidation and correction for Bitcoin, which had previously broken through the $100,000 mark.
Leading virtual asset analyst Alex Kruger believes this upward momentum is likely to continue. “Bitcoin’s upward momentum has slowed somewhat in the past few days, but it is indeed very likely to break through the top again in March next year due to market sentiment and macroeconomic conditions,” Kruger stated.
Matt Mena, an analyst at 21shares, shares a similar outlook. In a recent report, Mena predicted that Bitcoin could dip to a low of $80,000 during the correction phase but would ultimately rebound before the end of the year, potentially reaching $110,000 to $120,000.
This bullish sentiment is supported by continued strong investment demand from institutional investors and spot exchange-traded funds (ETFs), even during the recent correction.
Though, some experts caution that profit-taking by long-term investors could trigger another short-term correction.
“Whenever the resistance line is broken, profit-taking moves by long-term investors and major US institutions can occur,” noted Joo Ki-young, CEO of CryptoQuant.
Despite this potential for volatility, the recent surge in Bitcoin’s price has reignited optimism in the cryptocurrency market, with many investors hoping for a strong finish to the year.
Bitcoin Surges Past $100,000 Again, Fueling hopes for Year-End Rally
NewsDirectory3.com – Bitcoin’s price soared past teh key psychological barrier of $100,000 on tuesday, reigniting optimism among investors who predict a strong finish to the year for the cryptocurrency.
the surge, wich saw Bitcoin climb over 4% to surpass $101,000, comes on the heels of a recent correction that saw the digital asset dip below the 130 million won mark in Korean won terms.
Analysts attribute the renewed rally to the release of the US November consumer Price Index (CPI), which met market expectations. The CPI data is closely watched by investors as it influences the Federal Reserve’s (Fed) decisions on interest rate hikes.
“As expectations of interest rate cuts rise, purchasing power appears to have flowed into virtual assets in riskier asset groups,” said one industry expert.
This latest surge is notably noteworthy as it follows a period of consolidation and correction for Bitcoin,which had previously broken through the $100,000 mark.
Leading virtual asset analyst Alex Kruger believes this upward momentum is likely to continue. “Bitcoin’s upward momentum has slowed somewhat in the past few days, but it is indeed very likely to break through the top again in March next year due to market sentiment and macroeconomic conditions,” Kruger stated.
Matt Mena, an analyst at 21shares, shares a similar outlook. In a recent report, mena predicted that Bitcoin could dip to a low of $80,000 during the correction phase but would ultimately rebound before the end of the year, potentially reaching $110,000 to $120,000.
This bullish sentiment is supported by continued strong investment demand from institutional investors and spot exchange-traded funds (ETFs), even during the recent correction.
Though some experts caution that profit-taking by long-term investors could trigger another short-term correction.
“Whenever the resistance line is broken, profit-taking moves by long-term investors and major US institutions can occur,” noted Joo Ki-young, CEO of CryptoQuant.
Despite this potential for volatility, the recent surge in Bitcoin’s price has reignited optimism in the cryptocurrency market, with many investors hoping for a strong finish to the year.