BITCOIN HIT $93K, NEXT TARGET REVEALED (Get Ready)!! Bitcoin News Today & Ethereum Price Prediction!

Crypto World
13 Nov 202416:44

Summary

TLDRIn this video, Josh discusses the ongoing Bitcoin bull market, with the cryptocurrency hitting new all-time highs. He explains key factors driving the rally, such as a potential rate cut by the Federal Reserve, massive inflows into Bitcoin ETFs, and the ongoing short squeeze. Josh highlights Bitcoin's technical analysis, including its bullish cup-and-handle pattern and Fibonacci extensions, suggesting targets of $126,000. He also briefly touches on the performance of Ethereum and Solana. Despite minor pullbacks, Josh remains bullish, recommending long positions and emphasizing the opportunity in crypto trading.

Takeaways

  • 😀 Bitcoin is currently experiencing a bull market, with prices hitting a new all-time high and continuing to rise.
  • 😀 A bullish cup and handle pattern is forming on the Bitcoin chart, similar to the price structure seen with gold.
  • 😀 The next major price target for Bitcoin, based on the current cup and handle pattern, is $126,000.
  • 😀 The chances of a rate cut at the next Federal Reserve meeting have increased, which is seen as bullish for Bitcoin and crypto markets.
  • 😀 Bitcoin ETFs are seeing massive inflows, with $1.1 billion on Monday and another $800 million on Tuesday, driving up demand for Bitcoin.
  • 😀 The weekly Bitcoin RSI breakout signals a potential bull market lasting several months, possibly extending into 2025.
  • 😀 Short squeezes are currently happening as Bitcoin liquidates short positions, which continues to push the price higher.
  • 😀 Ethereum (ETH) is also in a bull market, with a price target of $3,900 to $4,000, following bullish movements from key support levels.
  • 😀 Solana (SOL) has confirmed a new support level between $200 and $210 after a breakout, with a major price target at $250–260.
  • 😀 Despite potential short-term pullbacks or resistance, the overall market structure for Bitcoin, Ethereum, and Solana remains bullish.
  • 😀 The video emphasizes the importance of staying patient and not panic-selling during small pullbacks, as the overall trend is bullish.

Q & A

  • What is the current trend in the Bitcoin market as discussed in the video?

    -The Bitcoin market is currently in a bullish trend, with the price hitting a new all-time high and showing strong momentum. This trend is supported by a breakout from a cup and handle pattern and the influence of Bitcoin ETFs, among other factors.

  • What key technical pattern is being observed for Bitcoin, and how does it compare to gold?

    -Bitcoin is currently playing out a cup and handle pattern, which is a bullish indicator. This pattern is similar to what has been observed in the gold market, which also experienced a major breakout after a similar setup.

  • What is the technical price target for Bitcoin based on the cup and handle pattern?

    -The technical price target for Bitcoin, based on the cup and handle pattern, is around $126,000 per Bitcoin.

  • What role is inflation data playing in the current Bitcoin rally?

    -The inflation data showing a CPI of 2.6% year-over-year was in line with expectations, which had a neutral effect on the market. However, traders are now pricing in a higher probability of a rate cut at the next Federal Reserve meeting, which is seen as bullish for Bitcoin and the broader crypto market.

  • How has the probability of a rate cut at the upcoming Federal Reserve meeting changed?

    -The probability of a rate cut at the December Federal Reserve meeting has increased from 69% to 79% after the inflation data was released, which has contributed to the bullish sentiment in the markets.

  • What impact are Bitcoin ETFs having on the price of Bitcoin?

    -Bitcoin ETFs are driving significant demand for Bitcoin, with over $1.9 billion in inflows across two days. This demand is reducing the supply of available Bitcoin, which is helping to push the price higher.

  • What is the significance of the weekly Bitcoin RSI breakout?

    -The breakout of the weekly Bitcoin RSI is considered a bullish signal, as it has historically marked the beginning of a major bull market. The breakout started 1 to 2 months ago, signaling that Bitcoin could continue to rise for several months, potentially well into 2025.

  • What is the next major resistance level for Bitcoin?

    -The next major resistance level for Bitcoin is around $94,000 to $95,000. If this level is broken, the next resistance is at $100,000, followed by $113,000 and potentially $126,000.

  • What should investors do if Bitcoin experiences a short-term pullback?

    -If Bitcoin experiences a short-term pullback or resistance rejection, investors should not panic sell. Instead, it could present a buying opportunity, as the overall market remains bullish.

  • What is happening with Ethereum's price action, and what are its key price targets?

    -Ethereum is continuing its bull run after a breakout above the $2.8K level. The next major resistance levels are around $3.9K to $4K. If Ethereum breaks these levels, further gains could be seen. Support is expected around $3,150 and $3,000.

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Étiquettes Connexes
BitcoinCrypto MarketBull MarketPrice TargetsShort SqueezeBitcoin ETFCrypto NewsInflationSolanaEthereumTechnical Analysis
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