Bitcoin (CRYPTO: BTC) is closing in on the $100,000 psychological milestone, backed by bullish chart patterns and strong market fundamentals.
What Happened: As Bitcoin clocked a new all-time high above $98,000, analyst Ali Martinez says $100,000 may happen on Thursday, based on the apex crypto breaking out of a bull flag chart pattern.
#Bitcoin $BTC could reach $100,000 today as it appears to be breaking out of a bull flag on the lower timeframes. pic.twitter.com/UKKcXilHO4
— Ali (@ali_charts) November 21, 2024
Santiment data pointed out the collective holdings of whale and shark wallet as a key metric to watch, revealing an intriguing dynamic in whale and shark wallets that hold at least 10 BTC.
Over the last month, these wallets have added 56,397 BTC, worth approximately $5.43 billion. Despite this accumulation, the total number of such wallets dropped by 1,256 (-0.82%), signaling a possible consolidation among large holders.
Tracking these major stakeholders' movements will be key in understanding the sustainability of this historic bull rally.
Also Read: Bitcoin Price Hitting $100,000 In November? Polymarket Traders Speculate It Might Go Even Higher
Why It Matters: According to IntoTheBlock, large transaction volumes and daily active addresses for Bitcoin have risen by 8.5% and 0.4%, respectively.
Transactions exceeding $100,000 have jumped from 11,911 to 13,321 in a single day.
Coinglass data highlights that Bitcoin Futures open interest has reached a record $63.7 billion, underscoring heightened trader activity.
Meanwhile, Bitcoin ETFs are closing in on gold ETFs, with $104 billion in assets compared to gold's $121 billion, achieved within just 11 months.
Price Action:
- Scaramucci: Trump's Crypto Support Could Push Bitcoin To $150K
Image created using artificial intelligence with Midjourney.
