Analysts point out that Bitcoin is on the way to reaching the US$ 100,000 mark and with that the entire cryptocurrency market should seize the moment and register a new high.

Since the start of the Covid-19 pandemic, low interest rates and an increase in the adoption of cryptocurrencies have continued to support demand for digital assets, pushing prices up.

Now, after hitting yet another all-time high, Bitcoin (BTC) and Ethereum (ETH) bulls are determined to continue along the upward trajectory that continues to hold, at least for now.

According to Tammy De Costa, analyst at DailyFX, from a fundamental perspective, the culmination of low interest rates, rising inflation and an increase in institutional adoption of the major cryptocurrencies will likely continue to help push prices higher.

“The market value of cryptocurrency has surpassed the $3 trillion dollar mark and will likely continue on this path in the future. Technically speaking, there are a number of Fibonacci levels and other technical indicators that might be worth highlighting.

For Bitcoin and Ethereum, the moving average convergence/divergence currently remains above the zero line, with the price trading above the 50-day moving average,” the analyst said.

So, she says, after hitting a new all-time high of $68,564, Bitcoin traders continued to fight for dominance over the trend in an attempt to breach $100,000.

“Now, as large central banks like the ECB (European Central Bank), the Fed (US Federal Reserve) and the BoE (Bank of England) aim to fight inflation, technical and fundamental factors can further help catalyze the action of the prices for the imminent move,” he said.

Altcoin

She further points out that with markets now weighing the effects of supply constraints, inflation and regulatory scrutiny, large institutions may continue to look to digital assets as a hedge against inflation, which could see Bitcoin and cryptocurrencies increasing even further. if conditions persist.
“Meanwhile, Ethereum recently set another record above $4,700 before rebounding within the constraints of the upside channel, which continues to provide support and resistance for the immediate move.”

Bitcoin is ready for US$70,000, Ethereum for US$8,000 and 6 more cryptocurrencies pointing up, according to analysts
In the same vein, FXStreet analyst Akash Girimath points out that the renewed optimism in Bitcoin will also boost the altcoin market and, with it, the Shibu Inu (SHIB) has great chances of breaking new historical levels.

He points out that the price of Shiba Inu has been consolidating since reaching a new all-time high on October 28th.

Source: https://updateonbitcoin.com/bitcoin-price-ready-for-100k/