Bitcoin traded near $90,000 on Nov. 14 as BTC price action digested yet another all-time high.
New Bitcoin all-time high follows US CPI
Reacting, crypto market commentators saw few macroeconomic hurdles standing in the way of further BTC price upside.
“See you at $100k Bitcoin next week.”
Trader, analyst and entrepreneur Michaël van de Poppe agreed with the six-figure target, noting that Nov. 14 would see more data, the Producer Price Index (PPI).
$200,000 top joins BTC price predictions
“Flow is pretty slow & declining volume during asia session, typically lines up with a move in EU/US session,” he noted.
“Notably, the 0nchained Top/Bottom Index had declined to the levels it registered during the $73,000 price point back in March, signaling significant room for potential upside,” they wrote, referring to one of its proprietary trading indicators.
The result was that BTC/USD “could potentially rise from its current level of $93,000 to reach a peak between $180,000 and $200,000.”
“Again, and again, we’re not at the peak yet! The index suggests that the top will be reached when the indicator falls within the 0 to 0.09 range—currently, it’s still at 0.27,” the post concluded.
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