The Correction Is Over: $100K Next for Bitcoin
Bitcoin's correction is over, with bulls back in control. Ethereum's outperformance suggests we may be transitioning out of the first phase of the bull market.
We’ve just witnessed the first significant bull market correction of this cycle. It was swift and less severe than many anticipated—characteristic of bull market corrections, which are typically short-lived and don’t dip as low as expected. Bitcoin has already rallied over 6% from its recent low and appears ready to attempt breaking the $100k barrier once again.
This correction lasted two days, during which Bitcoin dropped 9% to a low of $90.8k. Many had expected a larger pullback of over 10%, bringing the price below $90k. However, in true Bitcoin fashion, it defied expectations, rebounding quickly and leaving those waiting for lower prices behind. We urged you to capitalise on these discounted prices, emphasising that corrections in bull markets are fleeting opportunities. It’s not too late; historically, buying into strength has often yielded positive returns.
Yesterday’s recovery has positioned Bitcoin to retest $100k before the month’s end. This move has re-established a bullish structure and shifted momentum back in favor of the bulls. Breaking $100k this month could pave the way for Bitcoin to rally further, potentially reaching $110k or even $120k before Christmas. With another interest rate cut expected in December and the traditional "Santa Claus rally" on the horizon, Bitcoin’s potential trajectory looks highly promising. Don’t miss out by hesitating or trying to time the market—remember, time in the market beats timing the market.
Interestingly, Bitcoin dominance continues to decline despite the overnight rally, with altcoins outperforming significantly. The altseason index has surged to a reading of 65! Ethereum is not only outperforming Bitcoin but also leading the charge alongside key projects on its network, including Ethereum Name Service, Uniswap, Ethena, Ethereum Classic, Lido, and Aave. This trend highlights a growing pattern: when a major blockchain like Ethereum, Solana, Sui, or Fantom leads the market, its associated protocols tend to experience even stronger rallies. To capitalise on this, research the leading applications and protocols on these blockchains and leverage their strength.
While it may be slightly premature to declare we’re in phase two of the bull market, we’re undoubtedly approaching it. Ethereum hasn’t consistently outperformed Bitcoin yet, but it’s starting to alternate in dominance, indicating we’re transitioning between phases.
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: Fantom ($1.057)
Fantom paused its rally yesterday, retreating 2.2% despite Bitcoin’s gains. This consolidation phase is both crucial and healthy, setting up Fantom for further upside. Once the short-term pullback concludes, we anticipate continued strength in FTM’s upward trajectory.
BTC/USD Key Levels and Price Action:
Bitcoin has reclaimed its bullish structure, flipping momentum back to the bulls. It has formed a new higher high, achieved a bullish crossover of the 21- and 55-day EMAs, and is trading above all major moving averages. Bitcoin now appears poised to challenge the critical $100k level. Any pullback that stays above the previous low of $92.8k will preserve the bullish structure.
BTC Total ETF Flows for 27 Nov: $ 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:
Ethereum’s chart looks almost too good to be true, with 12 consecutive green hourly candles driving a 7% rally. ETH has broken through the key resistance at $3,557, turning it into support, and is now approaching the next critical level of $3,724. Ethereum is red-hot and leading the market—this is not a coin to bet against.
ETH Total ETF Flows for 27 Nov: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
Written by Alexandar Artis
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