{"id":653176,"date":"2024-11-15T06:30:33","date_gmt":"2024-11-15T06:30:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=653176"},"modified":"2024-11-15T03:37:04","modified_gmt":"2024-11-15T03:37:04","slug":"bitcoin-hits-90k-milestone-is-a-path-to-100k-on-the-horizon-analyst-weighs-in","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-hits-90k-milestone-is-a-path-to-100k-on-the-horizon-analyst-weighs-in\/","title":{"rendered":"Bitcoin Hits $90K Milestone\u2014Is A Path to $100K On The Horizon? Analyst Weighs In"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin has reached a major milestone by surpassing the $90,000 price mark, marking a significant moment in its ongoing bullish rally. The price surge has drawn the attention of existing investors and attracted a new wave of market participants.<\/p>\n<p data-pm-slice=\"1 1 []\">This influx is evidenced by the increase in UTXO (Unspent Transaction Output) Age Bands. This metric tracks the distribution of Bitcoin holdings by age, according to an <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6735d021e68abb003e582b58-Market-Snapshot-after-BTC-broke-90000\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> shared by CryptoQuant analyst Shiven Moodley. This development reflects heightened interest and engagement in the Bitcoin market.<\/p>\n<p data-pm-slice=\"1 1 []\">Moodley\u2019s analysis revealed that a high percentage of market participants are currently profitable, as indicated by the UTXO profit percentage metric.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/421855\/quicktake\/AdQXjt9sE_695eb2ba9e4417ed218144bacb7a5980ca3acadad6e500f29929eba10d3b1890.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin UTXO.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin UTXO. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">However, despite this strong market performance, long-term holders appear to maintain their positions even as the derivatives market becomes increasingly leveraged.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/short-term-bitcoin-holders-move-millions-to-binance-is-a-market-correction-imminent\/\" target=\"_blank\" rel=\"noopener \">Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent? Samuel Edyme<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Profitability Metrics Signal Market Momentum<\/h2>\n<p data-pm-slice=\"1 1 []\">One of the key insights highlighted by Moodley is the positive Spent Output Profit Ratio (SOPR). This indicator suggests that many Bitcoin transactions are occurring at a profit, reflecting an optimistic market sentiment and providing a foundation for potential<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-price-peak-200-days-us-recession-2025-report\/\" target=\"_blank\" rel=\"noopener \"> further price increases<\/a>.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/421855\/quicktake\/dy8fK2vK_900ee9ada0c46b0bdd20e746bbed849dd19055469d0aa507e692b.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin SOPR.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin SOPR. Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">However, Moodley pointed to a developing &#8220;mania phase&#8221; in the market, evidenced by the growing number of options market call contracts set to expire over the next two months.<\/p>\n<p data-pm-slice=\"1 1 []\">This surge in call contracts indicates that many traders are betting on continued upward momentum, potentially driving further speculative activity.<\/p>\n<p>The CryptoQuant analyst also discussed the implications of<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/short-term-bitcoin-holders-move-millions-to-binance-is-a-market-correction-imminent\/\" target=\"_blank\" rel=\"noopener \"> probability models that track Bitcoin\u2019s price<\/a> movements over time. According to these models, with a lag of 500 days, Bitcoin has breached two standard deviations at the $90,000 level.<\/p>\n<p>The next significant price marker, represented by the third standard deviation, according to Moodley is currently projected to be around $101,000. This suggests that, while Bitcoin&#8217;s current <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-consolidates-after-recent-surge-metrics-reveal-moderate-selling-pressure\/\" target=\"_blank\" rel=\"noopener \">upward trajectory<\/a> is notable, the potential for further price gains remains.<\/p>\n<h2>Bitcoin Market Performance<\/h2>\n<p>Bitcoin appears to be now seeing a cool off in its recent bullish momentum. Particularly, following a consistent week of new highs <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\" target=\"_blank\" rel=\"noopener \">reaching a peak of $93,477<\/a> yesterday, BTC has since faced a major pullback in price, bringing its price to trade as low as below $89,000, as of today.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/37dznYlw\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AEURGBP\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>At the time of writing, the asset currently trades for $88,878, down by 2.9% in the past day. Regardless, BTC seems to still be in an uptrend with a past week performance of nearly 20%.<\/p>\n<p>Notably, while the market environment still reflects<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-extreme-greed-hits-84-when-last-top\/\" target=\"_blank\" rel=\"noopener \"> strong bullish sentiment<\/a>, there are risks to be aware of. As highlighted by Moodley, the increased leverage in the derivatives market, combined with rising call options activity, could lead to heightened volatility in the BTC market.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak?<\/a><\/div>\n<p>Overleveraged markets are historically prone to corrections, especially when market sentiment shifts rapidly. Therefore, while many market participants may currently be in profit, maintaining caution is worth considering.<\/p>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has reached a major milestone by surpassing the $90,000 price mark, marking a significant moment in its ongoing bullish rally. The price surge has drawn the attention of existing investors and attracted a new wave of market participants. This influx is evidenced by the increase in UTXO (Unspent Transaction Output) Age Bands. This metric tracks the distribution of Bitcoin holdings by age, according to an analysis shared by CryptoQuant analyst Shiven Moodley. This development reflects heightened interest and engagement in the Bitcoin market. Moodley\u2019s analysis revealed that a high percentage of market participants are currently profitable, as indicated by the UTXO profit percentage metric. However, despite this strong market performance, long-term holders appear to maintain their positions even as the derivatives market becomes increasingly leveraged. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent? Samuel Edyme Profitability Metrics Signal Market Momentum One of the key insights highlighted by Moodley is the positive Spent Output Profit Ratio (SOPR). This indicator suggests that many Bitcoin transactions are occurring at a profit, reflecting an optimistic market sentiment and providing a foundation for potential further price increases. However, Moodley pointed to a developing &#8220;mania phase&#8221; in the market, evidenced by the growing number of options market call contracts set to expire over the next two months. This surge in call contracts indicates that many traders are betting on continued upward momentum, potentially driving further speculative activity. The CryptoQuant analyst also discussed the implications of probability models that track Bitcoin\u2019s price movements over time. According to these models, with a lag of 500 days, Bitcoin has breached two standard deviations at the $90,000 level. The next significant price marker, represented by the third standard deviation, according to Moodley is currently projected to be around $101,000. This suggests that, while Bitcoin&#8217;s current upward trajectory is notable, the potential for further price gains remains. Bitcoin Market Performance Bitcoin appears to be now seeing a cool off in its recent bullish momentum. Particularly, following a consistent week of new highs reaching a peak of $93,477 yesterday, BTC has since faced a major pullback in price, bringing its price to trade as low as below $89,000, as of today. At the time of writing, the asset currently trades for $88,878, down by 2.9% in the past day. Regardless, BTC seems to still be in an uptrend with a past week performance of nearly 20%. Notably, while the market environment still reflects strong bullish sentiment, there are risks to be aware of. As highlighted by Moodley, the increased leverage in the derivatives market, combined with rising call options activity, could lead to heightened volatility in the BTC market. Related Reading: Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak? Overleveraged markets are historically prone to corrections, especially when market sentiment shifts rapidly. Therefore, while many market participants may currently be in profit, maintaining caution is worth considering. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":653177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,1119,78790,6664,10923,83531],"class_list":["post-653176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Hits $90K Milestone\u2014Is A Path to $100K On The Horizon? Analyst Weighs In<\/title>\n<meta name=\"description\" content=\"Bitcoin has recently reached a major milestone by surpassing the $90,000 price mark, marking a significant moment in its ongoing bullish...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-hits-90k-milestone-is-a-path-to-100k-on-the-horizon-analyst-weighs-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Hits $90K Milestone\u2014Is A Path to $100K On The Horizon? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hits $90K Milestone\u2014Is A Path to $100K On The Horizon? 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