Bitcoin Today 11/21/2024: countdown to $100,000

This Thursday (21), the market entered a countdown for Bitcoin (BTC) to reach US$ 100 thousand. In fact, the cryptocurrency rose again and increased in value by 5.2% in the last 24 hours, renewing its historic high and reaching US$98,200.

As a result, the cryptocurrency is less than 5% away from breaking the psychological barrier of US$100,000. If it gains another US$1,800, BTC will finally surpass the price expected by many traders.

According to Bitget analyst Fernando Pereira, the S&P 500 stock index also recovered. With this, BTC can remain correlated with the index and seek new appreciation.

“A chart that draws a lot of attention at the moment is the S&P500, which showed a great recovery above its 20-period daily average. This could reflect a resumption of the historic high in this index and, by correlation, further increases in BTC, which could reach US$98,000 in the coming days”, said Pereira.

In fact, BTC has already broken this level and must now seek the long-awaited $100,000. On the other hand, Cardano (ADA) registered a sharp drop of 7.8% and led the Top 10 losses.

What caused Bitcoin to rise?

The BTC rally remains strong and with no sign of stopping at this point, as there is less than 5% left for the cryptocurrency to reach US$100,000. Furthermore, the bullish cycle made Bitcoin gain ground against altcoins and its market dominance reached 60.5%.

Amid today's BTC rally, ETH/BTC hit a three-year low, with analysts predicting Bitcoin to rise to $135,000. In other words, BTC continues to rise and ETH remains stagnant.

Earlier today, the ETH/BTC pair broke the trend line, reaching a three-year low since March 2021. The price of ETH registered gains of 1.5% this Thursday and reached $3,148.

“I believe ETH/BTC could bottom next month. Historical data confirms this – December has marked the bottom of ETH/BTC in 6 of the last 8 years. If December follows its usual pattern, we could see ETH/BTC find its balance soon,” said Bitcody, a famous market trader.

End of “altseason”?

As Bitcoin continues to appreciate, altcoins are once again losing strength. According to QCP Capital, Ethereum participation is essential for the start of the altseason. Therefore, as long as the ETH/BTC pair continues to fall, altcoins will continue to underperform against BTC.

On the other hand, analysts expect Bitcoin's rally to continue. Ali Martinez noted that Bitcoin is repeating the four-year chart pattern and will replicate a similar movement to December 2020.

“If history repeats itself, Bitcoin could rise to $108,000, undergo a correction to $99,000 and then rise to $135,000,” Martinez predicted.

Legendary trader Peter Brandt also shared a similar Bitcoin chart after the US elections. This shows that BTC price forms a flag and pole pattern, with the recent breakout suggesting a rally to $125,000 and beyond.