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Bitcoin has faced skeptics, doubters, and outright non-believers at every turn. Yet, time and again, it has defied them all. Today, Bitcoin continues to prove its resilience and dominance, and its most recent milestone may be the most significant of all.
In late 2022, Bitcoin was trading at a mere $15,600. Critics declared it dead and doomed to reach zero. Fast forward just two years, and the price is $100,000 USD FOR ONE BITCOIN. The narrative of Bitcoin's demise has once again been thoroughly debunked. Bitcoin is not only alive but thriving, and it’s only just getting started.
Bitcoin’s growth is only beginning. Institutional adoption is in its infancy, spot ETFs have been available for less than a year, and major political developments are poised to propel Bitcoin even further.
The most transformative of these should be the next U.S. presidency. Donald Trump’s proposed Bitcoin Strategic Reserve could be a game-changer. This initiative plans for the U.S. government to purchase 200,000 BTC annually over five years using existing government funds. Paired with the expected appointment of a crypto-friendly SEC chairman, this policy could ignite unprecedented growth in the crypto market.
With Bitcoin already at $100,000, imagine the additional buying pressure and regulatory support this could bring. As we enter a new bull run, the question is no longer if Bitcoin will climb higher but how far it can go. Could we see $200,000 within the next 12 months?
Live Price Action: Bitcoin Volatility in Full Swing:
As of writing, Bitcoin briefly dipped to $90,500 (BTC/USDT on Binance) and as low as $88,800 on other BTCUSD markets, triggering a cascade of leveraged long liquidations amounting to $450 million in the last hour. However, Bitcoin quickly rebounded, trading at $96,600—a $6,000 recovery from the low.
This rapid correction is a textbook example of a bull market dip. These swift downward moves clear leverage from the market before prices stabilise and resume their upward trajectory.
For those feeling underexposed or fearing they’ve missed the opportunity, now may be the perfect time to strengthen your Bitcoin position. The market remains in its early stages, presenting a golden chance for long-term believers. Contact your Stormrake Crypto Broker to capitalise on this moment.
Stormrake Spotlight: Artificial Super Intelligence (FET) ($1.926)
Stormrake Spotlight: Artificial Super Intelligence (FET) ($1.926)
Artificial Super Intelligence (FET) recently surged to $2.08, marking an 8% increase from the previous day’s price. However, it has since pulled back alongside Bitcoin and the broader market. FET briefly dropped to $1.87 during Bitcoin’s rapid correction, offering a potential buying opportunity for those seeking undervalued positions.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin experienced extraordinary price action over the past 24 hours. After breaking the $100,000 milestone and reaching a peak of $104,088, the market appeared euphoric, with the Fear and Greed Index hitting 84 (extreme greed). However, a sharp 13% correction to $90,500 occurred within minutes, followed by a swift recovery. Currently, Bitcoin is testing its 200-day moving average. A reclaim of this level would confirm bullish momentum, but failure to do so may indicate bearish structure ahead.
BTC Total ETF Flows for 5 Dec: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
As Bitcoin was trading above $100k, Ethereum was enjoying a rally of its own, reaching $3,960. ETH then corrected rapidly along with the rest of the market, dropping to the 200 moving average before bouncing back within minutes. It has now reclaimed the 55 EMA and, dare I say, is in a better structure than BTC. If ETH can hold above this moving average, it remains bullish and looks set to break above $4,000.
ETH Total ETF Flows for 5 Nov: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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