Bitcoin Surges Past $87K, Sets Sights on $100K
Bitcoin has climbed roughly 15% over the past week and briefly reached an eight-month high above $87,000. It now trades just below $86,000, but overall bullish sentiment remains.
Popular analyst Ali Martinez has set a target of $100,000 for Bitcoin, citing several key bullish signals.
The first signal is the significant 50% rise in value since Bitcoin bottomed at $58,000 in July. Despite this resurgence, large investors seem reluctant to take profits.
Large entities remain active during the rally, as evidenced by over 2,722 transactions worth more than $1 million on the BTC network yesterday alone.
The spot Bitcoin exchange-traded funds have accumulated more than $1.6 billion worth of cryptocurrency over the past 72 hours, adding significant buying pressure to the market.