Bitcoin's (CRYPTO: BTC) approach toward the psychological $100,000 mark has sparked interest, with inflows into spot ETFs and IBIT options trading contributing to optimism.
Statistics: Lookonchain data shows the spot Bitcoin ETFs recording a net inflow of 9,363 BTC ($884.9 million) on Tuesday.
Spot Ethereum ETFs reported a net outflow of 26,071 ETH ($81.16 million).
Ark21Shares' (BATS:ARKB) led Bitcoin inflows with 2,871 BTC, increasing its holdings to 49,699 BTC, while Fidelity's (BATS:FETH) reported the highest outflows of 15,000 ETH.
Bloomberg analyst Eric Balchunas noted that ETF flows have hit record levels globally, with December historically being a high-flow month.
Trader Notes: Crypto chart analyst Ali Martinez compared Bitcoin's current performance to December 2020, citing identical RSI levels. His forecast suggests BTC will hit $108,000, retrace to $99,000, and then surge to $135,000.
#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.twitter.com/hsIBWBVGnl
— Ali (@ali_charts) November 20, 2024
Altcoin Sherpa sees Bitcoin's rise to $100,000 as "programmed," with big meme coins like Dogecoin (CRYPTO: DOGE) and Bonk (CRYPTO: BONK) expected to benefit.
He predicts continued consolidation for altcoins, offering further opportunities for gains.
CrediBULL Crypto noted Bitcoin's movement above key low timeframe (LTF) levels, suggesting a consolidation phase before a sustained rise. If Bitcoin holds its highs, altcoins may pump further, but a sharp pullback to $70,000 could drag altcoins down temporarily.
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