Bitcoin price gains see ‘significant pullbacks’ ruled out before $150K
2024.11.11 11:53
Bitcoin (BTC) took daily gains to 4.5% on Nov. 11 as an unlikely weekend of upside held firmly in place.
BTC/USD 1-hour chart. Source: TradingView
BTC price knocks on $85,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum passing $84,000 after the Wall Street open.
Now up nearly 25% in the past seven days, BTC/USD showed no signs of a major retracement or consolidation as bulls ripped through sell walls and continued price discovery.
“In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate,” popular analytics account Bitcoindata21 reacted in part of a post on X.
“Until we start getting daily god candles, i’m not entertaining significant pullbacks (20-30%).”
Bitcoindata21 referred to market participants betting on a major BTC price capitulation, among them the trader known as Il Capo of Crypto, who has predicted a crash to as low as $12,000 over the course of the current bull market.
“My target remains $150k for the first top (which is subject to change, if my indicators tell me), but there is plenty of time to sit and watch and enjoy right now,” the post added.
“It’s a bull market, stop getting so antsy to sell.”
BTC liquidation heatmap. Source: CoinGlass
Data from monitoring resource CoinGlass showed bid liquidity thickening above $81,000 on exchange order books, potentially helping force spot price higher.
Considering the odds of BTC/USD heading even further into uncharted territory, commentators noted among other things low funding rates across derivatives markets — something uncharacteristic of breakouts through all-time highs.
Source: Dylan LeClair
Zooming out, veteran trader Peter Brandt offered another reason to stay bullish on BTC: a clean flipping of long-term resistance in the form of an inverse head and shoulders pattern.
“Major buy signal over the weekend in Bitcoin,” he told X followers, an accompanying chart implying that the path was open to $200,000 and more.
BTC/USD 1-day chart. Source: Peter Brandt/X
MicroStrategy buys $2B in BTC with all eyes on ETFs
Spot buying was meanwhile joined by a fresh commitment from business intelligence firm MicroStrategy, which on the day announced a BTC acquisition worth over $2 billion. As Cointelegraph reported, on Nov. 10, the firm’s holdings passed 100% return on investment.
Related: $80K BTC price chases gold — 5 things to know in Bitcoin this week
Attention also focused on the spot Bitcoin exchange-traded funds (ETFs), these seeing net inflows of more than $1.5 billion the week prior.
“The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare,” Cameron Winklevoss, co-founder of exchange Gemini, commented at the weekend.
“People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings haven’t started.”
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
Earlier, Cointelegraph reported on inflows to the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), surpassing those of its gold ETF, the latter having been trading for twenty years.
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.
