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Bitcoin Retraces to $95K as ARK Invest Predicts $124K by Year-End

Bitcoin’s Price Action and ARK Invest’s Optimistic Outlook Bitcoin (BTC) , after nearing the $100,000 mark , has retraced to $95,000 . Despite this pullback, ARK Invest remains bullish, projecting a price of $104,000 to $124,000 by the end of 2024. The investment firm also envisions a potential long-term peak of $1.5 million per BTC by 2030 . Short-Term Outlook: $124K by Year-End Seasonality and On-Chain Metrics David Puell , research associate at ARK Invest, outlined the following key indicators: The current Bitcoin market cycle is approximately 55%-65% complete . Projections suggest the cycle’s peak could range between $126,000 and $134,000 . Seasonal trends and on-chain metrics support a gradual price rise as the year closes. Potential Risks Puell cautioned about cycle-driven pullbacks , which are typical as the market consolidates before pushing higher. Long-Term Projections: $1.5 Million by 2030 ARK CEO Cathie Wood’s Vision Cathie Wood maintains an ambitious target for Bitcoin: Long-term value could reach $1.5 million per BTC by 2030 , driven by increasing adoption and reduced global reliance on fiat currencies. Bitcoin’s evolving role as a strategic reserve asset is also seen as a critical driver of value. Factors Influencing Bitcoin’s Trajectory 1. U.S. Monetary Policy The Federal Reserve’s monetary tightening and its implications for the economy play a significant role in Bitcoin’s appeal as an inflation hedge. 2. SEC and Regulation The SEC’s leadership under the Trump administration may influence the regulatory environment for cryptocurrencies. Positive developments, such as the approval of a spot Bitcoin ETF, could catalyze further price growth. 3. Strategic Bitcoin Reserves The potential for institutional players and even governments to hold Bitcoin as a strategic reserve adds a new layer of demand. Current Market Sentiment Support at $95K Bitcoin’s pullback to $95,000 comes as traders consolidate gains from its recent rally toward $100,000. The level is seen as a critical support zone before any further upward movement. Cycle Psychology As the market moves closer to its predicted peak, volatility is expected to increase. Seasoned investors are monitoring metrics like realized cap and supply in profit to gauge sentiment. Conclusion: A Promising but Volatile Path Ahead While Bitcoin’s retrace to $95K signals a temporary slowdown, ARK Invest’s projections suggest a bullish year-end finish. With potential highs of $124,000 in 2024 and long-term targets of $1.5 million by 2030 , Bitcoin remains a pivotal asset in the digital economy. Key factors such as U.S. monetary policy, regulatory clarity, and strategic adoption will determine its trajectory. Investors should remain mindful of cycle-driven corrections while keeping an eye on long-term opportunities. To explore more insights on Bitcoin’s market dynamics and future projections, check out our article on cryptocurrency investment strategies . BitcoinSistemi

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Ethereum Funding Rates Signal Bullish Momentum, New ETH High Soon? (CryptoQuant)

Ether (ETH) has been on a positive trajectory over the past week, with the network’s dynamics showing some improvement. Crypto market analysts say there is still room for growth. According to a report by CryptoQuant analyst Shayan, Ethereum futures market funding rates signal that ETH has not entered an overheated phase. Hence, the cryptocurrency may record additional gains in the coming weeks. ETH Sees Positive Momentum ETH hit a six-month high on November 28, rallying close to $3,700, a level last seen in early June. This surge to $3,680 led to an 18% weekly gain for the second-largest cryptocurrency; however, the asset had retraced to $3,540 at the time of writing, recording a measly 5% weekly gain. Shayan said ether’s rally and surge past significant resistance levels reignited investor optimism and sparked community discussions of a new all-time high by the end of the year. Interestingly, funding rates, which reflect investor sentiment in the futures market, suggest ETH could hit a new high by the end of 2024. This metric also highlights the potential for short-term risks. The spike in Ethereum funding rates reveals heightened demand for long ETH positions; however, they remain below levels recorded when ETH hit its all-time high of $4,890 three years ago. This shows that the cryptocurrency is not yet overvalued and does not face the risk of a major correction. “Historically, sharp spikes in funding rates often precede sudden market corrections or liquidation cascades, leading to periods of heightened volatility. However, the current funding rate levels imply that there is still room for further growth in both price and sentiment before such risks become critical,” Shayan stated. Ethereum Price Outlook Earlier this week, a CryptoPotato ETH price analysis report stated that ETH breaking through the resistance level of $3,500 could be the onset of a significant rally. However, the cryptocurrency still faces the possibility of continuing its consolidation phase. While ether saw a significant surge above $3,500 on Wednesday, the cryptocurrency has remained above that level since then, with a 4% plunge from $3,680. This indicates that ETH is currently consolidating. It remains to be seen if the coin will continue consolidating or move upwards, driven by flows into the U.S. spot Ethereum exchange-traded funds market. The post Ethereum Funding Rates Signal Bullish Momentum, New ETH High Soon? (CryptoQuant) appeared first on CryptoPotato . BitcoinSistemi