$95K Breakout Sets Stage for $137K Year-End

After a successful bullish breakout from a multi-month bearish consolidation earlier this month, Bitcoin (BTC) price has now entered the second bullish phase based on the Elliott Wave principle. The flagship coin rallied more than 4 percent in the past three days, thus reaching a new all-time high (ATH) of about $95k on Thursday, November 21, during the early Asian session.

Having established a robust support range between $50k and $58k from March to September, Bitcoin price is on the cusp of confirming the bullish breakout from 2021’s ATH. Consequently, it is safe to assume that Bitcoin price has already entered its much revered parabolic phase, with a psychological target of about $100k on the horizon.

According to a popular analyst Peter Brandt, Bitcoin price is now en route to closing the year trading above $137k, after successfully breaking out of a bullish pennant.

Major Factors Influencing the Bitcoin Price Rally

#Bitcoin continues to relentlessly establish new ATHs, supported by robust capital inflows from both ETFs and the Spot Market, with over $62.9B entering the market over the last 30 days.
As the market proceeds to heat up, Long-Term Holder spending begins to rise in tandem.… pic.twitter.com/Rsl1L7Ie4E
— glassnode (@glassnode) November 20, 2024

As Coinpedia noted in the recent past, Bitcoin price has enjoyed bullish sentiments catalyzed by institutional investors. The notable success of the US spot BTC ETFs has significantly influenced the ongoing Bitcoin price rally.

According to the latest market data by Glassnode, Bitcoin has registered nearly $63 billion in capital inflows over the past 30 days from both the spot ETFs and the spot market. With a cumulative total net inflow of about $28.7 billion, the US spot Bitcoin ETFs now hold more than 1 million BTCs, worth nearly $100 billion.

The institutional FOMO, which has been propelled by the notable success of MicroStrategy, has also played a crucial role in the ongoing Bitcoin rally. Moreover, nation states – led by El Salvador, Bhutan, and the United States, among others – have been major holders of Bitcoin in the recent past.

Market Picture

With the recent Bitcoin price spike to $95k, the fear of potential selloff has significantly decreased. Bitcoin’s fear and greed index has remained above 82 percent, signaling extreme greed from investors.

Meanwhile, the altcoin industry continues to bleed to Bitcoin, as depicted by the latter’s surge in market dominance. According to renowned analyst Benjamin Cowen, Bitcoin dominance could further rally towards 66 percent before the end of this year, thus delaying the highly anticipated altseason to early 2025.

Will Bitcoin Keep Going Up ?

Yes, Bitcoin is likely to keep going up, driven by strong institutional inflows, the success of spot ETFs, and breaking key technical levels. With predictions of $100K and beyond, market sentiment remains extremely bullish. Rising dominance further supports continued upward momentum.

Source: https://coinpedia.org/news/bitcoin-hits-new-all-time-high-95k-breakout-sets-stage-for-137k-year-end/