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<p>Bitcoin keeps surprising us. While some were starting to get used to its rollercoaster rides, the flagship cryptocurrency has reached a new milestone by hitting a historic high of $93,500. Analysts, for their part, are in a frenzy and already predict a six-figure Bitcoin in the near future. But what is really happening behind this price surge?</p>
<h2 id="h-a-favorable-economic-context-for-bitcoin">A favorable economic context for Bitcoin</h2>
<p>The recent rise of Bitcoin coincides with the release of the latest inflation data in the United States. Despite a 2.6% increase in the Consumer Price Index (CPI) in October, in line with expectations, <a href="https://www.cointribune.com/en/bitcoin-maintains-its-momentum-traders-are-not-selling/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin held strong.</a></p>
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<p>Even better, it took advantage of this announcement to consolidate its position above $90,000. Markets seem to be betting on a new interest rate cut by the Federal Reserve in December, with a probability of over 80% according to the FedWatch Tool from <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener noreferrer nofollow">CME Group.</a></p>
<p>Quinn Thompson, founder of the hedge fund Lekker Capital, does not mince words: “See you at $100,000 next week!”.</p>
<p>On his part, Michaël van de Poppe, a recognized trader and analyst, shares this optimism and emphasizes that other economic data, such as the Producer Price Index (PPI), could further strengthen this bullish trend.</p>
<p>But that’s not all. Ryan Lee, <em>Chief Analyst at Bitget Research</em>, provides an enlightening analysis:</p>
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 <p>Bitcoin recently surpassed $93,000, mainly thanks to a continuous net influx of $4 billion from traditional funds represented by Bitcoin ETFs over the last five trading days.</p>
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<h2 id="h-to-new-heights-a-question-of-time">To new heights: a question of time?</h2>
<p>Market experts agree that the $95,000 level is a key supply zone, according to the analysis of order books. Yet, enthusiasm shows no signs of waning.</p>
<p>Onchained, a contributor to the on-chain analytics platform CryptoQuant, believes that Bitcoin could “potentially move from its current level of $93,000 to a peak between $180,000 and $200,000.” Just that!</p>
<p>Ryan Lee adds a layer of optimism by discussing the political outlook:</p>
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 <p>The elected president Trump hinted during the Bitcoin conference in Nashville that he might consider making Bitcoin a national reserve asset if he takes office, elevating BTC to the status of gold.</p>
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<p>Such a decision could trigger similar movements in other countries, resulting in net inflows of hundreds of billions of dollars and propelling Bitcoin to new heights.</p>
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<p>However, caution is the mother of safety. There are many indicators to watch. If the funding rate for long positions exceeds a certain threshold, it could signal a potential adjustment. Similarly, a successful break of the $94,000 threshold could lead to the liquidation of over a billion dollars in short positions, thus accelerating the market’s rise.</p>
<p>Bitcoin is on an impressive run, and analysts are not hiding their enthusiasm. Six figures seem within reach, but as always with cryptocurrency, it’s best to keep a vigilant eye. After all, as the saying goes, “to foresee is already to control a bit.” And who knows, maybe next week, we will all toast to <a href="https://www.cointribune.com/en/bitcoin-breaks-through-92000-dollars-the-100000-target-is-approaching/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin at $100,000!</a></p>

Bitcoin About To Reach 6 Figures: Analysts Are Getting Fired Up

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