As a seasoned analyst with over two decades of experience in global financial markets, I must say that the current surge in Bitcoin’s price is nothing short of breathtaking. I’ve seen market cycles come and go, but this one seems to defy all expectations. The speed at which BTC has climbed from $68,000 to over $92,000 within a week is unprecedented, even by the standards of this notoriously volatile asset.
Bitcoin quickly resumed its upward trend, surging beyond $90,000 to set a new record high of approximately $92,000 on the charts.
This occurs even though some reports suggest that Bitcoin miners are starting to cash out to meet their necessary costs.
Over the last week, there’s been quite a stir in Bitcoin’s price, particularly after the announcement that Donald Trump is set to become the next President of the United States.
The performance of this asset has been nothing less than extraordinary, propelling bitcoin from $68,000 to more than $75,000 in a single day on Wednesday. This was merely the start, as the cryptocurrency surged past $80,000 over the weekend and attempted twice to break the $90,000 mark on Tuesday.
Initially, Bitcoin dipped to around $85,000 yesterday, but just moments ago, bulls regained control and pushed the leading digital currency above $90,000. Interestingly, it even reached $92,000 on Bitstamp, marking its latest high.
Even though it has decreased approximately $1,000 since that time, Bitcoin continues to show a 4.5% increase for the day and an impressive over 20% rise in the past week.
Even with a previous indication that certain miners were cashing out during the current bull run by CryptoQuant, Bitcoin’s latest surge appears undeterred. At present, this development doesn’t seem concerning, as there seems to be plenty of potential left for BTC to grow further.
Consequently, although miners might be preemptively selling now for the upcoming cycle, the high volume of Bitcoin sales indicates that there’s likely more growth potential within this cycle yet.
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2024-11-13 18:26