Crypto market analysis suggests higher prices ahead

  • November 12, 2023
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Bitcoin’s consistent run of the last few days and the current crypto market analysis has led to a bright outlook ahead for the industry.

The weekend has turned out to be an extension of Bitcoin’s bullish run. BTC has traded around $37,000 in the last two days, hinting towards further scope for price hikes. Investors’ interest in crypto assets has increased recently, leading to a broader rally. The latest crypto market analysis of the last 24 hours could point towards Bitcoin pushing higher in the upcoming week.

American firm MicroStrategy’s co-founder Michael Saylor affirmed similar sentiments recently. Speaking at an event in Australia, he said, “I think that this next 12 months is going to be big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.”

Meanwhile, analysts claimed that more firms could apply for spot Ethereum ETFs. The move, supplemented by the likely spot Bitcoin ETFs, could heavily benefit the industry. Earlier, Blacrock’s filing for the ETF initiated a mini-rally in ETH, which went over $2000. The heightened optimism generated by the crypto ETFs could continue until regulators share approvals.

BTC/USD 1D price chart

Bitcoin is currently trading at around $36,900 on November 12, 2023, with BTC/USD trading lower by a margin of 0.4% in the last 24 hours. It has remained range-bound during the weekend.. BTC/USD is trading higher than its 20-day EMA (33,259.34), as BTC’s 24-hour volume was at around $13 billion. The crypto market cap increased by over 0.7%, touching $1.4 trillion in the last 24 hours.

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