Bitcoin price continues its unstoppable rally, reaching a fresh all-time high of $97,457 and moving closer to the $100K milestone. With Bitcoin’s market dominance over 60.5%, it seems to be consolidating further ground against altcoins. The ETH/BTC pair hit a three-year low today, indicating that Bitcoin’s outperformance in the market may delay the altcoin season. Analysts predict a Bitcoin surge to $135,000 ahead, as historical data suggests that December could mark the ETH/BTC bottom, paving the way for potential altcoin recovery.
As Bitcoin gains more power, altcoins are losing steam after last week’s rally. Ethereum participation is considered crucial for the altseason to begin, but it’s unlikely to happen until the ETH/BTC pair rebounds and shows strength. Analysts believe that the Bitcoin price rally will continue, with predictions pointing towards a potential rally to $108,000, a correction to $99,000, and a surge to $135,000. In addition, legendary trader Peter Brandt has shared a Bitcoin chart indicating a potential rally to $125,000 and beyond.
The current BTC price rally is attributed to the extension of the “Trump Trade” and key developments in the digital assets space. Reports suggest that Donald Trump’s team is discussing the creation of a new White House post dedicated to digital assets policy, triggering euphoria in the crypto market. The 24-hour liquidations for Bitcoin have shot up to $119 million, with significant activity in short and long liquidations. Inflows into spot Bitcoin ETFs have also surged, with total inflows standing at $773 million, driven by BlackRock’s IBIT and Fidelity’s FBTC.
The demand for Bitcoin appears insatiable as the price edges closer to the $100,000 mark, with buyers overwhelming sellers. The Trump administration’s focus on digital assets policy and discussions with crypto industry leaders have added to the positive sentiment in the market. MicroStrategy stock hit record trading volumes, moving closer to $500, while spot Bitcoin ETFs saw significant inflows over the last three days. With the debut of spot Bitcoin ETF options on Nasdaq, IBIT recorded over $2 billion in trading volumes, reflecting growing interest in Bitcoin investments.
In conclusion, Bitcoin’s price rally seems poised to continue as it nears the $100K milestone, with analysts predicting further highs in the coming months. The dominance of Bitcoin in the market and its outperformance against altcoins suggest a potential delay in the altseason. The digital assets policy discussions by the Trump administration and the surge in Bitcoin liquidations and ETF inflows indicate a positive outlook for the cryptocurrency market. As Bitcoin continues to gain strength and momentum, investors and traders are closely watching for further price movements and developments in the crypto space.
