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Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company’s total assets to buy Bitcoin as an inflation hedge. However, analysts remain confident of further rise in Bitcoin price.
Bitcoin could rise to $275,000
according to Data From Coinglass, more than $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following a decline in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin.
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However, some analysts see this price drop as a buying opportunity. Experienced cryptocurrency analyst Ali Martinez has moved to X Highlight A long cup and handle pattern is forming on the Bitcoin weekly chart.
For those unfamiliar, a cup and handle pattern is a bullish technical formation that resembles a round “cup” followed by a short consolidation period or “handle.” It usually indicates the potential for a continuation of an uptrend, often resulting in significant price gains.
Martinez noted that the pattern suggests that Bitcoin could rise to $275,000, based on its technical structure. However, he also urged traders to be cautious and avoid over-leveraging their positions.
On the other hand, prominent cryptocurrency analyst @Trader_XO to caution That Bitcoin must maintain its support at $90,000 to avoid further decline. If Bitcoin loses this critical level, it could fall to $85,000. Conversely, holding more than $90,000 would allow the cryptocurrency to rebound and resume its upward trend.
BTC takes another hit to break the $100,000 barrier
Despite yesterday’s decline, Bitcoin has recovered quickly, trading near $100,000 at the time of writing. The major cryptocurrency has remained in an overall uptrend, likely supported by inflation in the US today Data for November, which is largely in line with market expectations.
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Bitcoin recently reached a new all-time high (ATH) of $103,679, according to Data From Queen Gekko. However, its price has fluctuated above and below the pivotal $100,000 mark, resulting in more than $1.5 billion being liquidated in the past week.
There are several factors that could push Bitcoin price to a new ATH. For example, BTC reserves are located on cryptocurrency exchanges He hits Multi-year lows, reflecting high demand for digital assets.
American financier and former investment banker Anthony Scaramucci recently anticipation China may create its own bitcoin reserve if the u.s Returns With its strategic backup plans for Bitcoin. National Bitcoin reserves are expected to reinforce the narrative of Bitcoin supply scarcity, which could lead to higher prices.
Meanwhile, Bitcoin adoption among businesses continues to rise, such as Canadian video sharing company Rumble become Latest company to unveil BTC treasury strategy. Bitcoin is trading at $100,453 at press time, up 4.1% in the past 24 hours.
Featured image from Unsplash, charts from X and TradingView.com
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