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Is Bitcoin about to break free? BTIG’s top technical guru, Jonathan Krinsky, sees signs the cryptocurrency king is ready to ditch its winter blues and launch a fresh rally.
Bitcoin defies gravity! The crypto king is on the ascent, fueled by historical trends hinting at a year-end surge. Will Bitcoin conquer new heights?
Seasonal weakness nearing potential end
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Bitcoin’s year-end rally: History hints at a November 26th launchpad. Krinsky’s analysis reveals a recurring pattern from 2015-2024 – Bitcoin often finds its floor near late November, setting the stage for a powerful surge through December.
He noted that bitcoin is currently oversold, suggesting a potential springboard for recovery.
Krinsky’s chart, dusted off as Bitcoin soared past $91,000 Friday, hints at sunnier skies. The historically sluggish season is fading, potentially giving way to a powerful, price-boosting tailwind.
Source: Jonathan Krinksy
Can Bitcoin reclaim its ascent to $100,000? Despite currently trailing 27% below its October 6 peak of $126,272, one strategist envisions a resurgence, potentially reigniting the cryptocurrency’s climb towards that increasingly significant six-figure milestone.
Bitcoin climbs through holiday market pause
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While traditional US financial markets paused for the Thanksgiving holiday, trading activity in digital assets continued without interruption.
Bitcoin has been steadily gaining ground since Wednesday’s close, advancing from roughly $87,000 to more than $91,000 by Thursday.
By Friday, bitcoin was changing hands near $91,615, marking an increase of more than 8% for the week.
The move higher aligns with a rebound in US equities heading into the holiday.
The growing correlation between bitcoin and US growth stocks has become a notable development for investors.
As risk-sensitive sectors moved in tandem, crypto traders watched closely for signs of broader sentiment shifting.
Macro pressures still loom over market
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Despite the latest uptick, bitcoin remains well below recent record levels after several weeks of selling pressure.
The pullback has been influenced by broader weakness in equity markets and waning appetite for high-risk assets.
Bitcoin’s soaring ascent earlier this year tempted institutional titans and steadfast holders alike to finally cash in, securing hefty profits after a prolonged and exhilarating climb.
Deutsche Bank analysts also point to uncertainty around Federal Reserve interest-rate policy as a factor weighing on bitcoin performance.
With investors awaiting clearer signals about the path of monetary easing, risk assets including cryptocurrencies have seen periods of volatility and profit-taking.
Where bitcoin heads next has implications beyond digital-asset markets.
The cryptocurrency’s increasingly strong price relationship with tech-focused US equities means equity traders are watching closely.
As bitcoin attempts to stabilize and regain upward momentum, shifts in sentiment may ripple across both asset classes.
For now, traders and analysts will be watching the calendar closely.
Bitcoin’s poised for a potential seasonal surge, a critical juncture that could fuel a breathtaking rally back to the coveted $100,000 milestone.
Thanks for reading Why this analyst thinks Bitcoin’s return to $100k isn’t far away
