XRP continues to rise and will the Fed decide whether we see $100k Bitcoin before New Year?
Last Updated on 30 November 2024 by CryptoTips.eu
Bitcoin continues to find it impossible to break through the mythical $100k barrier apparently. Within the top twenty of CoinMarketCap, it is noticeable that the ‘American’ coins XRP, ADA and Stellar (after a small correction on Monday which mainly affected the latter two) are closing out another fantastic week.
The rise of XRP in the last month by more than 200% is particularly spectacular. Watch out for profit taking by investors who got in early, but a $2 price before the end of the year is not impossible. Taking into account the fact that XRP was still trading at 50 cents a month ago, this is an earthquake move.
Federal Reserve
Although we are trading very close to it, the $100,000 price point still appears to be too high to break for Bitcoin at the moment. Analysts claim that the large volume of automatic sell orders at this level are what is keeping the largest digital coin from moving higher. There are a lot of eager buyers looking to get in, but there are also many more earlier buyers eager to cash out on that particular level.
On the other hand, this week we also noticed that the support level between $91 and $93k is holding. What would provide a new boost that takes Bitcoin over the top?
Well, although it seems far away, perhaps the middle of December meeting that the Federal Reserve has planned can ensure that we break that mythological price point this year.
Trump
After Donald Trump’s election victory became clear in the night of November 5th to 6th, Bitcoin’s price exploded in the two weeks that followed. The rest of the crypto market followed suit as well. Hence we’re closing out November with spectacular growth for Bitcoin.
A week ago we tried to break through the mythical $100k for the first time, but were held back left stuck around $97k.
After a brief pullback, the support line around $90-$93k was tested for the first time. That one seems strong although some analysts still fear a blow-off top with the next larger support line now being found around $70k.
With purchasing volume reduced due to the Thanksgiving holiday in the United States, we should look ahead to any high-profile event in December that could give Bitcoin another boost.
On December 17 and 18, the Federal Reserve will meet for the last time in 2024. Unlike many others, Fed chairman Jay Powell is not yet out of a job under the new Trump administration, just as long as he continues to do what the stock markets want, aka continue the reduction of interest rates. If that happens (and investors are counting on him doing so), the appetite for risky investments will increase again and we could see $100k per Bitcoin before we start the new year.
