bullish

Bitcoin ETF

Bitcoin

April

Reserve

Riding on its bullish momentum, Bitcoin (BTC) recently reached a new All-Time High (ATH) of over $93,000. Recent price action and important charts have raised hope for further ambitious rallies. 
Several factors, including the Federal Reserve rate cuts, halving, and MicroStrategy’s Bitcoin purchase, contribute to positive sentiments surrounding the coin. 
<h2 class="wp-block-heading" id="strong-bitcoin-price-at-93-000-price-trend-ytd-strong">Bitcoin Price at $93,000: – Price Trend YTD</h2> 
According to market data, the <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin price</a> was $92,712, up 7.9% in the last 24 hours. The coin increased by 25.18%, 41.87%, and 151% in the past week, month, and year, respectively. 
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 <img loading="lazy" decoding="async" width="1024" height="683" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-1024x683.png" alt="" class="wp-image-831541" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-1024x683.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-300x200.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-768x512.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-150x100.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-696x464.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353-1068x712.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-353.png 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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 Bitcoin 1D Price Chart as Seen on TradingView
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Bitcoin’s price surged over 6.7% to $81,000 over the weekend for the first time in history. The surge comes amid optimism from <a href="https://www.thecoinrepublic.com/2024/11/06/bitcoin-hits-new-ath-as-donald-trump-becomes-president-of-the-united-states/">Donald Trump’s victory</a> in the US presidential election. 
Despite favorable events, it has traded in range-bound movement between $50,000 and $70,000 since March. 
Last week, the price soared to a new high above $75,000 on election day, leading to the breakthrough momentum. 
In the first week of January, the world’s leading crypto traded at around $43,906, with a market capitalization of around $915.81 billion. 
The coin breached $60,000 in late February and early March. It soon set a high of $69,210 on March 6 and another $70,184 on March 8. Bitcoin’s price dropped to $63,000 by April before peaking at $64,000 in September and $76,000 early this month. 
<h2 class="wp-block-heading" id="strong-what-is-driving-the-price-rally-strong">What is Driving the Price Rally?</h2> 
Several favorable events are fueling Bitcoin’s rising momentum. These include the approval of a spot Bitcoin ETF in the US and the implementation of Federal Reserve rate cuts. 
The the Halving event in April and MicroStategy’s Bitcoin accumulation also add to the coin’s positive outlook. 
The long fight for spot Bitcoin ETFs ended in January when the US Securities and Exchange Commission (SEC) approved eleven products. Following the approvals, the crypto secured the biggest demand source, pushing the price. 
Furthermore, Bitcoin had its <a href="https://www.thecoinrepublic.com/2024/04/23/the-bitcoin-halving-effect-which-coins-have-the-most-explosive-potential/">fourth halving event</a> in April, reducing the reward for a mined block from 6.25 BTC to 3.25 BTC. The leading cryptocurrency recorded a modest gain that day, closing at $63,821. 
The Federal Reserve’s rate cut on September 18 is another key factor that helped push the price higher. On September 19, Bitcoin traded around $64,000, higher than its price of $60,000 just two days prior. 
Additionally, the Federal Reserve reduced interest rates by 25 basis points last week. 
Michael Saylor’s MicroStrategy continues to make large purchases amid these developments. The firm recently <a href="https://www.thecoinrepublic.com/2024/11/12/2b-bitcoin-bet-by-microstrategy-27200-more-btc-added/">acquired</a> 27,200 BTC, positioning it as the world’s largest institutional holder. 
<h2 class="wp-block-heading" id="strong-where-is-btc-heading-100-000-strong">Where is BTC Heading? $100,000?</h2> 
Some market analysts predict that Bitcoin could hit $100,000 before the end of this year. Given its current volume and momentum, Bitcoin may reach this milestone in the upcoming months. 
The daily chart’s technical analysis further supports this potential. Bitcoin has broken the $80,000 resistance level, suggesting strong bullish sentiment. 
Despite this optimism, other analysts caution that Trump’s tariff policies could reignite inflationary pressures, potentially weighing cryptocurrency markets. 
The post <a href="https://www.thecoinrepublic.com/2024/11/14/bitcoin-after-historic-93000-ath-wheres-the-next-stop/">Bitcoin: After Historic $93,000 ATH, Where’s The Next Stop?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitcoin: After Historic $93,000 ATH, Where’s The Next Stop?

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