Bitcoin is edging closer to a $100,000 price tag, reaching a new all-time high of $99,000, with the six-figure mark now within striking distance.

This surge has sparked a wave of excitement across social media, with platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk buzzing with discussions about Bitcoin potentially hitting $100K.

While the hype is reaching unprecedented levels, some traders remain skeptical, with a noticeable uptick in mentions of lower price predictions. This paradoxical behavior—where markets often move contrary to the majority’s expectations—has likely contributed to Bitcoin’s ongoing rally. As the bulls push Bitcoin to new heights, the doubts of the bears may ironically be fueling the momentum.

This week alone, Bitcoin recorded massive outflows, with $4.5 billion leaving exchanges as buying pressure intensifies. In the past 96 hours, 65,000 BTC—valued at approximately $6.37 billion—were withdrawn.

This indicates that institutional and retail investors alike are increasingly holding onto their Bitcoin, further tightening the market.

Bitcoin Positions For Further Price Increase 

Despite the rally, technical indicators suggest a potential short-term correction. The TD Sequential chart signals a sell on the 4-hour timeframe, projecting a brief pullback to $97,085. However, a close above $100,470 could invalidate this bearish signal, possibly pushing Bitcoin to new highs of $102,656 or $104,343.

Meanwhile, whales continue to accumulate Bitcoin in large quantities. One prominent whale has added 3,577 BTC ($330 million) in just four days, bringing their total holdings to 25,298 BTC, valued at around $2.5 billion.

Bitcoin ETFs also saw significant inflows, with $1.005 billion pouring into Bitcoin spot ETFs on November 21. BlackRock’s IBIT ETF saw $608 million, while Fidelity’s FBTC ETF attracted $301 million, signaling strong institutional interest in the cryptocurrency.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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