Bitcoin recently experienced a dip, falling to $94,500 after a proposal by Microsoft shareholders to allocate 1% of its assets to BTC was rejected. Despite this, analysts remain optimistic about Bitcoin's potential appreciation. Data from Coinglass shows significant liquidation of contracts following the plunge.
Prominent crypto analyst Ali Martinez emphasizes a long cup and handle pattern forming on Bitcoin’s weekly chart, suggesting a potential surge to $275,000. Martinez warns traders to avoid overleveraging, while @Trader_XO identifies $90,000 as a critical support level, below which further decline is possible.
Bitcoin has rebounded near $100,000, aided by November's US inflation data. It recently reached a new ATH of $103,679 but has fluctuated around the $100,000 mark, indicated by high liquidation volumes.
Bitcoin's price may reach new heights due to low BTC reserves on exchanges and rising corporate adoption. Notably, Anthony Scaramucci suggests China might follow the US in creating a Bitcoin reserve. Canadian firm Rumble also plans a BTC treasury strategy.
