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$100K Bitcoin on the Horizon
A $100K Bitcoin is within reach, marking a historic milestone for the market. It might take some time to adjust to seeing BTC in six figures, but it’s a level that reflects the immense growth and adoption the cryptocurrency has achieved.
The journey to this point has been remarkable, and the future looks even brighter.
Weekly RSI Heatmap: Mixed Signals
The Weekly RSI Heatmap presents a mixed picture as Bitcoin consolidates just below the $100K level. Large-cap coins are showing higher RSI levels, reflecting their strong outperformance in recent weeks.
This divergence highlights that while Bitcoin and large caps are leading the market, mid- and small-cap coins still have room to catch up, potentially setting the stage for broader market moves.
Market Cooling Down: RSI Heatmap Update
The Daily RSI Heatmap shows a market-wide decline back to healthier levels, with the average RSI now sitting at ~61. Some coins had become overheated in a short span, but this reset provides room for further upside. As Bitcoin continues to lead, the current RSI levels suggest the market is well-positioned for the next leg up. A balanced RSI like this is a good foundation for sustained growth.
Bitcoin Market Heat Check
The market isn’t nearly as overheated as it was in March, which is impressive given Bitcoin is trading near $100K.
Since the elections, we’ve seen a robust spot bid, particularly focused on BTC. This healthy demand, combined with lower levels of froth, suggests the rally still has room to run without immediate risk of a major pullback.
It’s a strong sign for Bitcoin’s momentum heading into the end of the year.
Bitcoin November Performance Update
Bitcoin is currently on track to record its best November in four years. The month still has two weeks left, but the strong price action suggests a bullish continuation.
Historically, when November closes green, December often follows suit with another positive performance. If this trend holds, we could be looking at a very strong finish to 2024 for Bitcoin, potentially setting the stage for a year-end rally.
