Bitcoin Surges Past $93,000 Amidst Market Dynamics
“Should Have Bought” is a news podcast by the ForkLog editorial team covering the week’s major industry events and the hottest tokens.
Topics: a series of ATH for Bitcoin, cautious expert forecasts, “awakened” whales, and Trump’s pro-crypto staffing policy.
Special guest: CEO and founder of Unstoppable Wallet Aybek Esengulov.
Participants: ForkLog authors Vasily Smirnov and Alex K.
Another ATH for the Leading Cryptocurrency
On November 13, Bitcoin experienced a rapid increase amidst US inflation data that met market expectations. The digital gold confidently surpassed the $90,000 level, reaching $93,000.
However, in the following days, the price slightly corrected. This was due to profit-taking and statements by Fed Chair Jerome Powell, who indicated no rush to ease monetary policy.
$100,000 Within Reach
Despite Bitcoin’s impressive rise, many analysts warn of a potential correction.
Trader Vladimir Cohen noted that for the rally to continue, it is important to close the gap on the CME and reduce long interest in futures. Factors contributing to breaking $100,000 include a Fed rate cut, inflows into BTC-ETFs, and steady purchases by MicroStrategy.
Analyst Nikita Zuborev is more conservative. He states that technical indicators point to overbought conditions, and market makers might initiate sales, leading to a correction. The nearest support is at $73,000-74,000, but in a negative scenario, a pullback could reach $58,000-60,000.
Overall, experts are confident in long-term growth. ReWolt CEO Alfred Hamzin believes Bitcoin will surpass $100,000 in 2024 and stabilize above this level in 2025, driven by institutional investors and BTC-ETFs. However, success will depend on the absence of “black swans” and a positive market sentiment.
Elon Musk to Lead DOGE
Billionaire Elon Musk and former US presidential candidate Vivek Ramaswamy will head the new Department of Government Efficiency (DOGE) under the US government.
Their task will be to reform the government to reduce administrative costs and combat bureaucracy. DOGE will apply an “entrepreneurial approach” and offer a fresh perspective on the US government apparatus.
Some government structures will be abolished, and others will have their staff reduced. Necessary reforms are promised to be completed by July 4, 2026, the 250th anniversary of the US Declaration of Independence.
Phantom Pains
An update to the non-custodial Solana wallet Phantom caused issues for some iOS users: applications unexpectedly reset, potentially leading to loss of access to funds.
To prevent such situations, the Phantom team released an updated version of the app. Users are advised to regularly back up seed phrases and store them in secure locations to avoid asset loss risks.
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