BTC 100k!
Risk sentiment remains buoyant, with BTC finally breaking through the $100k proverbial wall as risk assets remain bid across the board. A series of crypto friendly nominations from Trump (Paul Atkins to head the SEC and Caroline Pham expected to chair the CFTC) continues to point a much more crypto friendly environment next year.
While the path of resistance remains for higher prices, futures liquidation has been increasing both on the long and short sides as traders are adding leverage to their positions and are increasingly susceptible to being squeezed out in interim volatility. We expect things to remain choppy on the move up but would expect bulls to retain control heading into year-end and the new year. Technical analysis would point to about 120K as the next immediate resistance, and we would expect to see more major altcoins start to outperform in the near term as the FOMO appetite spreads out.
Furthermore, an interesting comment from Jerome Powell stated that Bitcoin is “just like [digital] gold”, and that it’s “not a competitor for the dollar, it’s really a competitor for gold”, which is as powerful of an implicit acceptance of BTC as you could expect from a Fed chair.