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BitcoinSistemi 2024-12-03 10:29:08

Bitfinex Analysts Explained: "Bitcoin Exceeding $100,000 Depends on This!"

The leading cryptocurrency Bitcoin (BTC) fell to the $ 90,000 level after a correction that reached the $ 100,000 limit. While $100,000 is expected to open soon, Bitfinex analysts said in their latest report that Bitcoin is facing a short-term correction but is also ready for a breakout of $100,000. Bitfinex analysts noted in their weekly Alpha report that Bitcoin has recovered despite an 8.64% decline last week and is continuing its upward momentum heading into December. Analysts said this short-term correction was due to $135.1 million in outflows from spot ETFs last week and profit-taking by long-term investors who sold 508,990 BTC since September. However, amid rising retail interest and outflows, along with stronger ETF inflows and increasing demand, especially from short-term investors, analysts said Bitcoin is well-positioned to break past the psychological $100,000 barrier. Analysts stated that the rise in Bitcoin depends on short-term investors, and said, “If short-term investor demand can meet long-term investor sales, BTC can exceed $ 100,000.” “November ended on a high note for Bitcoin despite a brief turmoil last week. BTC suffered its biggest pullback since the US elections but quickly recovered, posting a record-breaking monthly close at $96,506. Historically, December has been a volatile month for Bitcoin, with Bitcoin halving years also delivering exceptional average returns of 38.86%. Given the current bull market dynamics, we believe Bitcoin is poised for further upside despite a potential short-term correction.” *This is not investment advice. Continue Reading: Bitfinex Analysts Explained: "Bitcoin Exceeding $100,000 Depends on This!"