HashKey Group: Bitcoin hits $90,000, with more upside to come

Market IntelWednesday, Nov 20, 2024 2:30 am ET

1min read

HashKey Group said that Bitcoin has risen to $90,000 and has more room to rise. "Bitcoin will become the US reserve asset" will be fulfilled. Once this positive factor is implemented, the existing cryptocurrencies in the US will not flow into the market for sale, which will greatly reduce the potential downside expected by the market; Bitcoin as the US reserve asset, or there will be government procurement behavior. Once this move is implemented, it will open up new upward space for the market.

Jeffrey Ding, chief analyst of HashKey Group, said that Bitcoin (BTC) continued to soar, hitting a record high of $93,907, with a market value of $1.8 trillion, surpassing silver as the world's eighth-largest asset by market value. This momentum indicates that interest in Bitcoin has officially reached the level of mainstream assets.

HashKey Group believes that the adjustment of the interest rate cut expectation is relatively short-term, and the market may soon complete the pricing of this expectation adjustment. The soft landing of the US economy and the trend of core corporate profit growth in the medium and long term have not changed.

The "Trump rally" has pushed BTC up nearly 30% so far, and the short-term sharp rise has triggered some selling by investors. On-chain monitoring shows that more than 20,000 BTC has flowed out of centralized exchanges this week, indicating that the selling scale is smaller than the scale of new investors buying. On-chain data shows that the average profit of short-term investors still remains at a high of 26% as of 16th, indicating that there is still a large selling pressure in the follow-up market. Once the inflow of funds slows down, the short-term price may go down.

However, more than 20,000 BTC has flowed out of exchanges this week. The divergence of market sentiment is also the real reason for the recent sharp fluctuations. In the future, attention should be paid to the interest rate cut in December and whether there will be a large adjustment in US stocks.

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