Bitcoin Hits $97,900 All-Time High, Eyes $100k Target

Src: Investopedia

Bitcoin, the leading crypto surged to $97,900 on November 21, 2024, and has reached an all-time high of $97,900, continuing its resilience as it approaches the target of $100,000. This increase is supported by Fibonacci levels and positive on-chain metrics showing strong buying pressure.

The crypto market has seen significant growth recently with the price of Bitcoin surging by over 40% in the past three weeks. This bullish trend is characterized by a triple white soldier pattern and a breakout from a bearish channel. The total market cap has risen to approximately $3.15 trillion.

Investor optimism after Donald Trump's reelection and his administration's possible pro-cryptocurrency policies are attributed to the recent price fluctuations. Large investments, such as $2.6 billion from MicroStrategy, have supported this sentiment.

The Market value to realized value (MVRV) ratio for Bitcoin currently stands at 2.56 suggesting there is still space for growth before reaching potential market peaks. Historical trends indicate that a ratio above 3.00 could signal a market peak.

This is not financial advice.

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