CRYPTO 101
Crypto Rundown: Bitcoin Supply is Low Near $100k & Altcoin Season is Starting!
Dec 4, 2024
Hosts discuss Bitcoin's thrilling rise near the $100k mark and the impressive surge of altcoins. They delve into Bitcoin's declining dominance, analyzing the flourishing altcoin market with Ethereum, XRP, and Cardano on the rise. Market predictions hint at a robust altcoin season, spurred by recent ETF inflows and institutional interest. Excitement builds around the upcoming Hedge Fund Summit and Microsoft’s potential Bitcoin pitch. Overall, there's a bullish sentiment sweeping through the crypto universe, hinting at bright prospects ahead.
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Quick takeaways
- Bitcoin is on the verge of a potential breakout near $100,000, with increasing bullish sentiment and significant market pressure.
- The decrease in Bitcoin's dominance is fueling a dramatic surge in altcoins, creating new investment opportunities and excitement in the market.
Deep dives
Bitcoin's Squeeze and Potential Breakout
Bitcoin is currently experiencing a significant squeeze pattern, characterized by lower highs and higher lows, indicating a potential breakout. This consolidation is occurring just below the psychological barrier of $100,000, creating a buildup of pressure that could lead to a decisive price movement. Analysts suggest that if Bitcoin breaks out upward, it may surpass the $100,000 mark, possibly reaching around $105,000. The anticipation surrounding this move highlights a sense of bullish sentiment, especially given the recent inflows and growing interest in the cryptocurrency market.
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