Team
Author
Isabella Rivera
For Reading
6 minutes
Updated
15-11-2024
hero image for Bitcoin's November Price 2024

Bitcoin Reaches New High of $93,480: What’s Next for BTCUSD?

Bitcoin’s Historic Surge: Reaching $93,480 and Beyond

BTCUSD has updated its historical maximum this week, testing the $93,480 mark.

Bitcoin’s capitalization has surpassed that of silver and is currently behind only gold, a number of American stocks such as Amazon, Nvidia, and Apple, and the capitalization of the largest oil company, Saudi Aramco.

Election Impact on BTC’s Q4 Performance

Due to the November elections, Bitcoin’s growth in Q4 of this year already exceeds 40%.

This result cannot be called outstanding, since in the history of price movement in some years, quarterly growth exceeded 100 and 200%.

At the same time, this quarter may take an honorable second place this year, after the growth from January to March, when BTC capitalization increased by almost 70%.

BTCUSD Outlook: Will Bitcoin Hit $100,000 by Year-End?

According to Deribit exchange data, judging by the analysis of Bitcoin options, the market believes that the cost of BTCUSD can overcome the $100,000 by the end of this year.

Of course, at present, such a scenario no longer looks so unrealistic. This is slightly less than 10% of the current levels.

In November, Bitcoin covered comparable distances twice during trading sessions: 06.11 (+8.2%) and 11.11 (+9.4%).

Binance’s Optimism: What Trump’s Win Could Mean for Crypto

The head of Binance Richard Teng also spoke in favor of the bright future of cryptocurrency markets, calling Trump’s victory in the elections a golden era for the crypto industry.

Technical Analysis of BTCUSD: Wave Scenarios Explained

The technical picture is quite interesting. There is no doubt that Bitcoin is in the 3rd wave of the trend impulse. The only question is the correctness of the wave count.

Scenario 1. The 3rd wave began on 10.10 from $58,900. Scenario probability: high

The bulls may target $95,300 (wave 3 is extended), followed by a correction with a target of approximately $76,000 – 77,000. After which further upward development is likely with an update of the highest-high.

Scenario 2. The 3rd wave began on 04.11 from $66,800. Scenario probability: low

BTC’s Technical Setup Scenario 2 The end of the 3rd wave (target) is at approximately $100,600, after which there may be a correction (wave 4) with a target of approximately $84,300 (the 4th correction may be approximately equal to 50% of the 3rd impulse).

Scenario 3. The 1st wave began on 10.10 from $58,900. Scenario probability: average

BTC’s Technical Setup Scenario 3 The end of the 3rd wave (target) has already been reached. The correction (4th wave) may begin shortly. The approximate end of the correction is at $78,200.

All three scenarios suggest that there may still be upside potential, even if that potential is realized through a downward correction.

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