Bitcoin Surpasses $84,000, Sparking Concerns of a Sell-Off
On the morning of Monday, November 11, the first cryptocurrency reached a new all-time high of $81,800.
At the time of writing, Bitcoin is trading near $81,000.
The leading cryptocurrency broke through the $84,000 level.
Among the top 10 by market capitalization, there is mixed performance. Dogecoin stands out with a daily increase of 23.7%, while Ethereum and XRP show declines of 1.2% and 1.6%, respectively.
The total market capitalization of digital assets stands at $2.88 trillion. Bitcoin’s dominance index is 55.7%.
According to Coinglass, the total volume of liquidated positions over the past day amounted to $648 million, with $282.5 million in shorts.
Analysts’ Concerns
CryptoQuant CEO Ki Young Ju warned that Bitcoin might end the year slightly below $59,000, citing the derivatives market situation.
Just one day left. For me, it’s $58,974. Hope I’m wrong. https://t.co/ALUa0nvlMT
— Ki Young Ju (@ki_young_ju) November 9, 2024
“I expected corrections due to the ‘overheating’ of futures market indicators. […] If a pullback and consolidation occur, the bull run will continue. However, a strong year-end rally could set up 2025 for a bear market. […] I hope I’m wrong,” the expert wrote.
I expected corrections as BTC futures market indicators overheated, but we’re entering price discovery, and the market is heating up even more.
If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market,…
— Ki Young Ju (@ki_young_ju) November 10, 2024
According to Coinglass, open interest in Bitcoin futures is approaching $50 billion.
Ben Simpson, CEO of Collective Shift, told Cointelegraph that a price pullback of the first cryptocurrency to $58,000 is “extremely unlikely.”
“Elections, the Federal Reserve’s rate cuts, the potential for future quantitative easing, and relatively stable days when inflows into spot Bitcoin ETFs reached a billion dollars are drawing more attention,” he explained.
The expert noted that in previous cycles, corrections of 20-30% were common, but the slow growth has been so “exciting” that the pullback has been only 5-6% so far.
“The market structure looks very strong,” Simpson concluded.
Earlier, Fundstrat co-founder Tom Lee predicted Bitcoin would reach $100,000 by the end of 2024.
Bernstein expects digital gold to reach $80,000-90,000 amid Donald Trump’s victory.
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