Bitcoin Analysts Back For 6 Figures As BTC Price Hits Record $93.5K
Bitcoin (BTC) traded near $90,000 on November 14th as BTC price action hit another all-time high.
BTC/USD 1-Hour Chart. Source: TradingView
New Bitcoin follows all-time high US CPI
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD volatility after hitting a record high of $93,483 on Bitstamp a day ago.
This came on the back of the latest US inflation data during Wall Street trading. The Bureau of Labor Statistics (BLS) confirmed that October's Consumer Price Index (CPI) fell to an expected 2.6%, but was still rising.
US CPI 12-Month % Change. Source: BLS
Despite the implications of the result for financial policy, Bitcoin continues to manage even a short push above the $90,000 mark.
Meanwhile, markets continue to bet on another interest rate cut by the Federal Reserve in December, with the odds above 80% at the time of writing, according to CME Group FedWatch Tool data.
Fed target rate odds. Source: CME Group
In response, crypto market analysts see little macroeconomic hurdles that could stand in the way of further BTC value.
Quinn Thompson, founder and CIO of hedge fund Laker Capital, told followers of “CPI in Line” on X that he previously called the data release a “no burger.”
“See you next week for $100k Bitcoin.”
Trader, analyst and entrepreneur Michael van de Pop agreed on a six-figure target, noting that November 14 will see more information, this time the producer price index (PPI).
Source: Michael Van de Pop
$200,000 joins high BTC price predictions
In a recent market analysis, meanwhile, noted trader Skew emphasized the liquidity of the exchange order book by identifying $95,000 as a “key supply zone.”
Related: $80K BTC price chases gold – 5 things to know in Bitcoin this week
“Flows tend to be slower and more subdued during the Asian session, typically aligned with moves during the EU/US session,” he said.
BTC/USDT 15 minute chart with Liquid (Binance). Source: Skew/X
In one of his Quicktake blog posts on November 13th, Onchained, a contributor to onchain analytics platform CryptoQuant, joined calls for more dividends.
“Specifically, the 0nchained Top/Bottom index has dropped to a level recorded in March at the $73,000 price point, indicating significant upside potential,” he wrote.
As a result, BTC/USD “could rise above the current $93,000 level and reach a high between $180,000 and $200,000,” he said.
“Again, and yet, we're not at the top yet! The index indicates that it will reach the top when the index falls in the range of 0 to 0.09 – currently, it is still at 0.27, “the post concludes.
Onchained upper/lower index (snapshot). Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
