The Bitcoin rally, which began in the context of the US elections, has stopped; The price of the cryptocurrency has not exceeded the $90,000 mark, according to data from Coindesk.
Author:
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The currency rose in price for almost seven days in a row, at its peak its market capitalization exceeded that of silver and approached $1.8 trillion: the capitalization of the world’s largest oil company, Saudi Aramco, notes Crypto .news.
At its daily high, Bitcoin was worth $89,995. At the time of this publication (18:10 Moscow time), the token was trading at $87,271, having risen in price by 5.5% in the last 24 hours.
Crypto.news will explain the halt in cryptocurrency growth by the fact that investors who made money from the rally are making profits. HC Wainwright analyst Mike Colonnese explained in a CNBC commentary that Bitcoin, after hitting all-time highs, “is in price discovery mode,” meaning the market is searching for a fair price for the asset.
The analyst added that the positive sentiment in the cryptocurrency market will continue at least until the end of 2024, and the price of Bitcoin could reach six-digit values.
Cryptocurrency betting site Polymarket estimates that the probability of Bitcoin reaching the $100,000 price threshold is 31%. The highest probable price of the token for November is $90,000, according to platform data.
According to Copper.co, the current Bitcoin market cycle points to a possible peak in about 200 days, which coincides with forecasts of a probable recession in the United States that will begin in mid-2025.
Author:
Mikhail Zelenin
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
