Bitcoin Eyes $100K—Are You Ready?

GM, Degen!

Hold onto your hats (or should we say, HODL onto them), because Bitcoin is on fire! 🔥 BTC just smashed through its previous all-time high, flirting with the $90,000 mark.

My grandma called me yesterday asking how to set up a wallet—when granny's bullish, you know something's up! 😎

So, welcome to today's DegenDen Dispatch, where we break down what's happening in the crypto world in true degen style. Let's dive in!

​

🔥 Bitcoin Blasts Past $90K—$100K Next Stop?

📈 The Analysts Speak—Bullish AF

🚀 Do Crypto Markets Need a Reality Check Before Mooning?

🔥 Bitcoin Blasts Past $90K—$100K Next Stop?

Bitcoin's much-awaited $100,000 all-time high could be just around the corner, and we're all here for it! Analysts are buzzing with predictions based on historical chart patterns and growing investor demand since the recent U.S. elections.

Quick Recap:

• BTC surpassed the $90,000 record high on Nov. 13, just over a week after Donald Trump won the 2024 U.S. presidential election. Love him or hate him, markets are reacting!

• Ryan Lee, chief analyst at Bitget Research, says Bitcoin's over 100% year-to-date rally has outshined most traditional financial assets. Sorry, gold bugs! 🪙

• November is historically known as the best month for Bitcoin's returns. If history repeats itself (It's already doing so), a 14.7% increase from the current price could push BTC well above the $100,000 target before the end of the month.

📈 The Analysts Speak—Bullish AF

​

Bitfinex analysts are also super bullish:

• They believe that Trump's victory will spur cryptocurrency adoption in the U.S., setting up Bitcoin for a break above $100,000 within months.

• "We expect Bitcoin to range and accumulate a bit, and in our view, a target of $100,000 in a few months doesn't seem too far-fetched," they told Cointelegraph.

• Beyond politics, key catalysts include expectations of continued interest rate cuts in the U.S. and Bitcoin's reduced supply issuance after the 2024 halving.

🚀 Do Crypto Markets Need a Reality Check Before Mooning?

But hold up, before we all start shopping for Lambos:

Kris Marszalek, co-founder and CEO of Crypto.com, warns that the crypto market may need deleveraging before Bitcoin can surpass the $100,000 high.

• "Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully," Marszalek wrote on X (formerly Twitter).

• The current leveraged ratios are reaching unsustainable levels. Bitcoin's estimated leverage ratio across all exchanges stood at 0.215, a high last seen in October 2023.

Soooo, Is a Bitcoin Correction Coming?

After hitting new all-time highs, Bitcoin is showing early signs of a short-term correction to reset its overleveraged futures market.

• BTC price dropped 6% between Nov. 13 and 15, its first correction since breaking above the previous all-time high.

• If Bitcoin can't maintain a daily close above $85,000, bearish scenarios could come into play due to significant overleveraged positions.

• Ki-Young Ju, CEO of CryptoQuant, noted that the estimated futures leverage ratio for the BTC/USDT perpetual market is at a new high of 270% over its previous top from May 2024.

🧐 What Does This Mean for You?

• Risk Management is Key: With leverage ratios high, a market correction could liquidate over-leveraged positions. Keep your stops tight and don't overextend yourself.

• Opportunity Knocks: A short-term correction could be a buying opportunity before the next leg up. As always, DYOR (Do Your Own Research).

• Stay Informed: Markets move fast, and so does crypto Twitter. Follow reputable sources and stay tuned to DegenDen for the latest updates.

The crypto market is buzzing, and the air is electric. Whether Bitcoin hits $100K this month or takes a bit longer, one thing's for sure: it's an exciting time to be a degen!

Remember, the crypto roller coaster isn't for the faint of heart. Buckle up, manage your risks, and enjoy the ride. And hey, maybe give Grandma a call and help her set up that wallet. 😉

​

Stay degen, stay winning,

The DegenDen Team

​

Meme of the Day