Bitcoin continues its monumental climb, inching ever closer to the highly anticipated $100,000 mark after hitting a new all-time high of $94.8k overnight. However, market sentiment feels markedly different this time. As Bitcoin trades above $90k, many are hesitant to buy, fearing they are too late to the party. Let me assure you—you are not too late. In fact, we are still in the early stages, not only of this bull market but of Bitcoin's broader adoption cycle.
The largest buyer of Bitcoin—the U.S. government—has not even entered the market yet. We’ve often highlighted the bullish implications of the proposed bill that would allow the U.S. to establish a Bitcoin Strategic Reserve. This bill proposes the government purchasing 200,000 BTC annually for the next five years. Such unprecedented demand from a single buyer would propel prices significantly higher, as supply struggles to keep pace. The message is simple: you’re not bullish enough.
With Bitcoin now just 6% away from $100,000, a breakthrough could be only days away. Bitcoin has gained 6% in a single day multiple times recently, yet many investors are still waiting for a pullback. While a pullback is inevitable at some point, there’s no guarantee it will occur at current prices. Calls for a pullback at $75k, $82k, and $88k have already left sidelined investors regretting their caution as Bitcoin has surged 25% since $75k without a significant retracement. This underscores the wisdom of the saying: “Time in the market beats timing the market.”
The altcoin market continues to lag behind Bitcoin. The playbook is straightforward: in the first phase of a bull run, Bitcoin leads and dominates the market. Seasoned investors recognise this and prioritise accumulating Bitcoin during this stage. Conversely, many who feel they’ve missed out on Bitcoin’s gains turn to altcoins, hoping for outsized returns. However, this strategy often results in underperformance compared to simply holding Bitcoin. Even strong performers like Sui and Solana have experienced pullbacks, while Bitcoin surges to new all-time highs.
For those feeling underexposed or worried they’ve missed the boat, now is the time to strengthen your Bitcoin position. This market remains in its early stages, presenting long-term believers with a prime opportunity. Contact your Stormrake Crypto Broker to seize this moment.
Stormrake Spotlight: ONDO ($0.98663)
Stormrake Spotlight: ONDO ($0.98663)
Despite a pullback, Ondo remains resilient, holding up better than most altcoins. While the broader altcoin market has retreated over the last 24 hours—with many coins down more than 4%—Ondo is down just 2.8%. This relative strength suggests Ondo could outperform and lead the altcoin market when conditions improve.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
It’s hard not to be bullish on Bitcoin right now. The cryptocurrency continues to hit new all-time highs, following healthy, brief pullbacks that maintain its bullish structure. ETF inflows remain strong and consistent, with the 21 EMA serving as clear support for Bitcoin’s upward trajectory. All signs point toward continued momentum as Bitcoin targets $100k, with no immediate downside threats in sight.
BTC Total ETF Flows for 20 Nov: $ N/A Million (19 Nov saw an inflow of 829.5 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:
Ethereum remains stuck in a range between the CPR levels of $3,000 and $3,220. Overnight, ETH briefly attempted to break out bullishly but was rejected at the 200 SMA, falling to levels lower than yesterday, even as Bitcoin trades higher. Ethereum’s bearish structure suggests it may test $3,000 soon, regardless of Bitcoin’s bullish momentum.
ETH Total ETF Flows for 20 Nov: $ N/A Million (19 Nov saw an outflow of 81.3 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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