Yesterday, the bitcoin price was briefly at around USD 94,000. This means that the next ATH in BTC history is behind us!
The bitcoin price reached a new ATH and… fell
The situation on the chart currently looks like this:
As you can see, the BTC/USD pair was at around USD 94,000 last evening. However, it did not stay there for long and the rate quickly dropped to a lower level. Currently, 1 BTC costs approximately USD 92,512. However, Bitcoin is still more expensive than yesterday by about 1% and as much as 6.8% on a weekly basis.
Ether is stuck at around $3,100, so it costs the same as yesterday and 1.3% less than a week ago.
The BTC fear and greed index may be disturbing. It shows extreme greed, which may suggest a future sharp correction.
Yesterday’s explosion was probably the result of the launch of BlackRock’s BTC ETF options. Nearly USD 1.9 billion passed through the product during the first day.
Is the market waiting for Trump’s inauguration?
Bitcoin cannot make a strong push towards USD 100,000, which allows us to conclude that breaking this psychological barrier will not be easy. On the other hand, once this mission is successful, many investors who have been standing on the sidelines, waiting for a new opening, may enter the cryptocurrency market.
It is possible that breaking USD 100,000 will also mean the beginning of the altcoin season – investors will decide that bitcoin is already expensive, so it is worth looking for cheaper alternatives – leading altcoins. What stands out in this field is ether, which in my opinion is very underrated. However, if cyclicality continues to operate (and many indications suggest it will), capital will begin to move to ETH in early 2025.
The latter is a special date because Donald Trump will be sworn in as US president during this period. It is also possible that investors are waiting for this event and the full composition of the new head of state’s cabinet. Then they will be able to estimate what policy the new cabinet will pursue, which will allow for a new valuation of individual assets.
You can buy Bitcoin and other cryptocurrencies in a simple and safe way on the zondacrypto exchange.
