Bitcoin’s price has continued its strong bullish trend this week, with many analysts believing that the rally has more room to run.

Bitcoin Price Performance

Bitcoin was trading at $91,200 on Thursday, November 14, bringing its year-to-date gains to 115%. This impressive performance has outperformed popular assets like the Dow Jones, Nasdaq 100, and S&P 500 indices.

Analyst Insights

In a recent interview, Matthew Sigel, the head of digital assets at VanEck, mentioned that the Bitcoin price rally still has potential for further growth. Sigel expects Bitcoin to reach repeated all-time highs in the coming quarters, especially now that the US election has concluded. Notably, pro-crypto officials such as Matt Gaetz, JD Vance, Vivek Ramaswany, Elon Musk, and Tulsi Gabbard have been appointed, which could benefit the cryptocurrency market.

Additionally, some newly elected members of the House of Representatives have expressed pro-crypto sentiments. Sigel highlighted that several top indicators tracked by his firm are still showing positive signals. He predicts that Bitcoin’s price could rise to $180,000, nearly double its current trading value.

Market Sentiment

Polymarket’s data also reflects a bullish outlook on Bitcoin. A poll involving over $724,000 in assets suggests that BTC has a 56% chance of reaching $100,000 this month.

However, not all analysts share this optimism. Ali, a prominent figure on social media with over 81,000 followers, predicts a short-term pullback for Bitcoin. He attributes this to the TD Sequential indicator, which currently shows a sell signal on the daily chart.

Similarly, Ki Young Ju, the founder of CryptoQuant, has cautioned that the perpetual market is overleveraged. He noted that the $BTC-USDT perpetual market leverage is 2.7 times higher than earlier this year, reaching an all-time high. This overleveraging could lead to a sharp retracement.

$BTC-USDT perp market is overleveraged—2.7x higher than early this year, hitting an all-time high. I double-checked the data; it’s accurate. Stay cautious.

Technical Analysis

The daily chart suggests more upside for Bitcoin in the near term. It has already surpassed the significant resistance level at $73,777, which was the previous all-time high and the neckline of the inverse head and shoulders pattern.

Bitcoin has also formed a golden cross pattern, which often leads to substantial gains. The MVRV indicator has risen to 2.7, with sell signals typically triggered when the MVRV indicator reaches 3.5.

Therefore, the path of least resistance for Bitcoin’s price appears to be higher, with the next target being $100,000. This outlook will only become invalid if the price falls below the support level at $85,000.

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