With the continuation of the Trump trade, the Bitcoin price hit a new all-time high of $97,500. ETH/BTC set a new three-year low today.
It appears that the rise in Bitcoin price is unstoppable, as the world's largest asset rose another 6% today, hitting a new all-time high of $97,457 and nearing the $100,000 milestone. Bitcoin seems to have further consolidated its lead over Altcoins, with its market dominance exceeding 60.5%. In today's BTC rally, the ETH/BTC pair touched a three-year low, and analysts predict Bitcoin will surge to $135,000.
Why did Bitcoin price rise today?
Earlier today, the ETH/BTC pair broke through the trend line, reaching a three-year low since March 2021. As Bitcoin continues to perform well in this market, this development may further delay the future Altcoin season.
Regarding this, market strategist Bitcody wrote: "I believe ETH/BTC may bottom out next month. Historical data supports this - in 6 out of the past 8 years, December has marked the bottom for ETH/BTC. If December follows its usual pattern, we'll soon see ETH/BTC finding its footing."
As Bitcoin's influence grows, Altcoins have lost momentum again after last week's rebound. QCP Capital recently stated that Ethereum's participation is a necessary condition for the start of the Altcoin season. Therefore, this is unlikely to happen before the ETH/BTC pair rebounds and shows strength.
On the other hand, analysts predict that the rise in Bitcoin price will continue further. Renowned cryptocurrency analyst Ali Martinez pointed out that Bitcoin is repeating a four-year chart pattern and will replicate a trajectory similar to December 2020. He also stated that Bitcoin's RSI has remarkable similarities.
Martinez predicted: "If history repeats itself, Bitcoin could first surge to $108,000, then retrace to $99,000, and finally skyrocket to $135,000."
Legendary trader Peter Brandt also shared a similar Bitcoin chart after the US election. The chart shows that the BTC price formed a flag pattern, and the recent breakout suggests a rally to $125,000 or even higher.
Trump continues to trade Bitcoin
Today's rise in Bitcoin price is a continuation of the Trump trade and a reflection of some key developments. On Wednesday, November 20, reports indicated that Donald Trump's team is pushing for the creation of a new White House position specifically responsible for digital asset policy.
Trump's team is engaging with leaders in the cryptocurrency industry while also seeking a position that can directly communicate with the President. This development has sparked a new wave of frenzy in the entire cryptocurrency market. IG Australia Pty Market analyst Tony Sycamore, commenting on the BTC price surge today, said:
"The buyers are killing the sellers. While I'm not sure everything will be smooth sailing as the price approaches the $100,000 mark, the demand seems insatiable."
According to Coinglass data, Bitcoin's 24-hour liquidations have surged to $119 million, with $93 million in short liquidations and over $25 million in long liquidations.
As Bitcoin price rises to $100,000, MicroStrategy's stock trading volume hit a record high on Wednesday, approaching $500. On the other hand, the inflows into spot Bitcoin ETFs have increased significantly in the past three days.
On Wednesday, November 20, the total inflows into spot Bitcoin ETFs were $773 million, with BlackRock's IBIT contributing over $626 million. According to Farside Investors, Fidelity's FBTC also saw inflows of $133 million. The trading volume of IBIT exceeded $2 billion on the day before the spot Bitcoin ETF options listed on the Nasdaq.
