Bitcoin analysts brace for 6 figures as BTC price seals $93.5K record
2024.11.14 03:52
Bitcoin (BTC) traded near $90,000 on Nov. 14 as BTC price action digested yet another all-time high.
BTC/USD 1-hour chart. Source: TradingView
New Bitcoin all-time high follows US CPI
Data from Cointelegraph Markets Pro and TradingView showed volatility still present after BTC/USD notched a $93,483 record on Bitstamp the day prior.
This came during the Wall Street trading session on the back of the latest United States inflation data. The October print of the Consumer Price Index (CPI) fell in-line with expectations of 2.6%, while nonetheless still increasing, the Bureau of Labor Statistics (BLS) confirmed.
US CPI 12-month % change. Source: BLS
Despite the implications for financial policy as a result, Bitcoin held steady, even managing a brief thrust above the $90,000 mark.
Markets likewise continued to bet on another interest rate cut by the Federal Reserve in December, with the odds at over 80% at the time of writing, per data from CME Group’s FedWatch Tool.
Fed target rate probabilities. Source: CME Group
Reacting, crypto market commentators saw little macroeconomic hurdles standing in the way of further BTC price upside.
“CPI in line,” Quinn Thompson, founder and CIO of hedge fund Lekker Capital, told followers on X, having previously called the data release a “nothingburger.”
“See you at $100k Bitcoin next week.”
Trader, analyst and entrepreneur Michaël van de Poppe agreed on the six-figure target, noting that Nov. 14 would see more data, this time the Producer Price Index (PPI).
Source: Michaël van de Poppe
$200,000 top joins BTC price predictions
In his latest market analysis, meanwhile, popular trader Skew highlighted $95,000 as a “key supply zone” based on exchange order book liquidity.
Related: $80K BTC price chases gold — 5 things to know in Bitcoin this week
“Flow is pretty slow & declining volume during asia session, typically lines up with a move in EU/US session,” he noted.
BTC/USDT 15-minute chart with liquidity (Binance). Source: Skew/X
In one of its Quicktake blog posts on Nov. 13, Onchained, a contributor to onchain analytics platform CryptoQuant, joined voices calling for even more gains to come.
“Notably, the 0nchained Top/Bottom Index had declined to the levels it registered during the $73,000 price point back in March, signaling significant room for potential upside,” it wrote, referring to one of its proprietary trading indicators.
The result, it revealed, was that BTC/USD “could potentially rise from its current level of $93,000 to reach a peak between $180,000 and $200,000.”
“Again, and again, we’re not at the peak yet! The index suggests that the top will be reached when the indicator falls within the 0 to 0.09 range—currently, it’s still at 0.27,” the post concluded.
Onchained Top/Bottom Index (screenshot). Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
