Bitcoin Reaches New All-Time High Above $94,000 on November 19
In a recent development, Bitcoin (BTC) has continued its march towards the coveted $100,000 mark after setting another all-time high above $94,000 on November 19. Despite this significant milestone, analysts have observed that the lack of crowd euphoria is an encouraging sign for BTC’s price growth.
Lack of Crowd Euphoria: A Positive Indicator for BTC
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price ended its five-day choppy price action on November 19, rising as much as 4% from a low of $90,407 to set anew all-time high of $94,002. However, market intelligence firm Santiment has reported that the commentary across social media is "lukewarm at best." They added that the lack of euphoria on social media is an encouraging sign for Bitcoin’s price as fear of missing out (FOMO) often leads to corrections.
On-Chain Data Analysis: BTC Price Continues to Grow
Santiment also analyzed on-chain data and observed that the lack of retail trader disbelief can lead to continuous pumping of cryptocurrencies. This analysis is supported by Google Trends, which shows a decline in investor interest in Bitcoin over the past week as its price ranged around $90,000.
Google Trends: Social Media Interest in Bitcoin Over Time
As shown below, the social media interest in Bitcoin has waned over the past week, dropping from 100 to 48. Although the latest rally to the previous all-time high at $93,480 on November 13 resulted in the highest interest since 2021, the metric has decreased significantly.
| Date | Social Media Interest |
| — | — |
| Nov 12-18 | 100 |
| Nov 19-25 | 48 |
Bitcoin Analysts: BTC Price to Hit $100,000
Many Bitcoin analysts believe that the price of Bitcoin will hit $100,000 in the coming months. For example, analyst Moustache shared a chart showing that BTC’s price is playing out a similar setup as the one that happened just before the 2021 parabolic move.
BTC/USD Weekly Chart: Similar Setup to 2021 Parabolic Move
According to Moustache, this cycle’s parabolic phase has just begun, and if it follows the same trajectory, the price could move exponentially to areas above $100,000. Other analysts, such as Michaël van de Poppe and QCP Capital, have shared similar sentiments, with Van de Poppe saying that the market could "see Bitcoin go to $100-120K" in the coming one to two months.
QCP Capital: Institutional Confidence in Bitcoin
Trading firm QCP Capital has expressed confidence that options trading activity for BlackRock’s spot BTC exchange-traded fund (IBIT) underscores "the growing institutional confidence in Bitcoin as a mainstream asset class." This, they believe, will attract new investor cohorts and enable diversified trading strategies.
Glassnode Chart: Intensive Accumulation Across All Cohorts
Bitcoin analyst Bitcoin Munger shared a Glassnode chart showing intensive accumulation across all cohorts. According to him, BTC is likely to go "way past" $100,000.
Conclusion
In conclusion, the lack of crowd euphoria and the decline in social media interest are not indicators of weakness but rather an encouraging sign for Bitcoin’s price growth. Analysts believe that the price of Bitcoin will hit $100,000 in the coming months, driven by institutional confidence and accumulation across all cohorts. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Stay Ahead of the Curve: Explore More Articles Like This
To stay ahead of the curve, explore more articles like this one on our website. Our experts provide critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Subscribe to our newsletter today and receive exclusive updates every Monday!
Subscribe to the Markets Outlook Newsletter
Get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday.
By subscribing, you agree to our Terms of Services and Privacy Policy.