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Since Donald Trump won the 2024 US presidential election on November 5, the price of Bitcoin has been setting new historical highs over the past ten days. Bitcoin's price first broke through the $90,000 mark during trading on November 12, 2024, and reached a high of $93,265 on November 14. This price breakthrough has surpassed the previous record high, indicating strong market demand. As of the time of writing, the trading price of Bitcoin is fluctuating between $87,000 and $89,000. There has been a lot of recent discussion about whether Bitcoin will break through $100,000, or whether the price may drop by 50%.
Expectations that Bitcoin may soon break through the $100,000 mark
In addition to the United States, governments and institutions around the world are closely monitoring the situation. The UK will launch new regulations for its crypto industry this month, aiming to make the UK a global digital asset hub. These significant developments are in line with the recent record-breaking inflows of ETF funds into Bitcoin, suggesting that Bitcoin may soon break through the $100,000 mark.
The latest data shows that Bitcoin spot ETFs received an astonishing $510 million in inflows in a single trading day. BlackRock's IBIT Bitcoin spot ETF led with $230 million, while Fidelity's FBTC Bitcoin spot ETF contributed $186 million, for a total inflow of $29.15 billion.
Trump's remarks supporting digital currencies have resonated globally, and as speculation about potential policies favorable to digital assets increases, crypto investors' interest in the US market is also growing. Trump hinted at bold moves, such as designating Bitcoin as a strategic reserve asset and eliminating capital gains tax on US-issued digital currencies.
Bitcoin's price may drop by 50%
Recently, chart analyst Ari Martinez warned that when Bitcoin's search interest reaches a high level, it often leads to a 30% to 50% price correction. Moreover, some recent reports also show that based on historical data and current market trends, Bitcoin is facing a potential price correction.
From Martinez's perspective, the increase in retail investor attention may bring new capital to the market, but it may also signal that the market is approaching its peak. Referring to the situation in 2021, a significant increase in the popularity of Bitcoin searches often coincided with price corrections ranging from 26% to as much as 50%.
This is not a bearish market outlook, but just a reminder! Although the interest of retail investors in Bitcoin means more capital will flow into the market, when the search trend experiences a sharp increase, it often coincides with price declines. In 2021, for example, when the search interest for "Bitcoin" reached a peak and experienced a surge, it was accompanied by price corrections of 30%, 26%, 27%, and even 50%.
The conclusion is that the upward trend of Bitcoin is still very strong
Historically, November is a strong performing month for Bitcoin, with an average monthly return exceeding 44%. In November 2024, Bitcoin has already risen more than 20%, and if it rises another 14%, BTC will break through the long-term expected $100,000 mark.
In addition to historical trends, the continued interest rate cuts in the US and the reduced supply after the Bitcoin halving event are also conducive to a bullish outlook. Lower interest rates typically make high-growth assets like Bitcoin more attractive, as the opportunity cost of investing in traditional assets decreases.
The recent price and trend of Bitcoin have been constantly making headlines in various apps. This will mark Bitcoin's acceptance by the general public and its transformation into a more efficient financial tool and a truly mature financial asset.
Let's review the large MC memecoins we caught in the past two days
1. PNUT
We also laid the groundwork in advance, and the Punt Club also called it around 0.05, and now it has risen to 2.23, the multiple is self-evident, do you still worry about missing this round of dividends with such quality cryptocurrencies?
2. DOGE
We also laid the groundwork for Dogecoin in advance, and it's been raging, the first rebound line is around 0.4u, which is an important resistance level, and only after breaking through it can the price resume its upward trend. Once it breaks through, the next target will be the vicinity of the short-term new high, so the long position can be set to lock in profits and continue to hold.
3. Banana
We have also already mooned on Banana, the group called it at 700K, and it reached a high of 73M, a 100x gain! All in less than 48 hours! It has already risen a lot and made a lot of people rich, but it may still be severely undervalued, because this is not an ordinary banana, Musk has doodled on it at Tesla's launch event and other occasions!
4. WIF
5. PEPE
6. BOME
Finally, let's take a look at $PEPE $WIF $BOME, we entered last night, and I won't go into details, all of them have over 20% gains, cryptocurrencies are just so accurate, all on the top gainers list!
