Unlikely Weekend Upside Sees BTC Price Soar 4.5% on November 11
The cryptocurrency market has been abuzz with excitement as Bitcoin (BTC) broke through the $84,000 barrier on November 11, marking a daily gain of 4.5%. This unexpected surge in price came amidst a weekend that saw an unlikely upside hold firm, leaving many market participants wondering if the bull run is far from over.
BTC Price Momentum Reaches New Heights
Data from Cointelegraph Markets Pro and TradingView shows that BTC price momentum has been gaining steam in recent days, with the cryptocurrency pushing past $84,000 after the Wall Street open. This sudden increase in value comes on the heels of a 25% surge in the past seven days, leaving many to wonder if a major retracement or consolidation is imminent.
Market Participants Bet Against BTC Price Capitulation
However, not everyone is convinced that the bull run will continue uninterrupted. The trader known as Il Capo of Crypto has predicted a crash to as low as $12,000 over the course of the current bull market, sparking fears among some market participants that a major capitulation could be on the horizon.
Analysts Weigh in on BTC Price Prediction
Popular analytics account Bitcoindata21 has reacted to the news, stating, "In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate. Until we start getting daily god candles, I’m not entertaining significant pullbacks (20-30%)."
The analyst added, "My target remains $150k for the first top (which is subject to change, if my indicators tell me), but there is plenty of time to sit and watch and enjoy right now." This sentiment has been echoed by other commentators, who note that it’s a bull market and that investors should not get too antsy about selling.
Low Funding Rates Across Derivatives Markets
One factor contributing to the bullish sentiment surrounding BTC price is the low funding rates across derivatives markets. According to data from CoinGlass, bid liquidity has been thickening above $81,000 on exchange order books, potentially forcing the spot price higher.
Veteran Trader Peter Brandt Weighs in on BTC Price Prediction
Zooming out, veteran trader Peter Brandt offered another reason to stay bullish on BTC. In a recent post on X, he shared an inverse head-and-shoulders pattern that indicates a major buy signal over the weekend. The chart implies that the path is open for $200,000 and more.
MicroStrategy Commits Over $2 Billion to BTC Holdings
Meanwhile, spot buying was joined by a fresh commitment from business intelligence firm MicroStrategy, which on November 10 announced a BTC acquisition worth over $2 billion. As reported by Cointelegraph, the firm’s holdings have now passed 100% return on investment.
Related: $80K BTC Price Chases Gold — 5 Things to Know in Bitcoin This Week
Attention has also focused on the spot Bitcoin exchange-traded funds (ETFs), which saw net inflows of more than $1.5 billion the week prior. According to Cameron Winklevoss, co-founder of exchange Gemini, "The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare."
Why Spot Bitcoin ETF Inflows Matter
People buy ETFs because they are sticky HODL-like capital, Winklevoss explained, adding that the floor keeps rising and that it’s unclear where we are in the cycle. Earlier this year, Cointelegraph reported on inflows to the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), surpassing those of its gold ETF.
The Risks and Rewards of Investing in BTC
Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While some market participants may be feeling bullish about the prospects for BTC price, it’s essential to remember that past performance is not indicative of future results.
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