Bitcoin Surges to $114,777 as Crypto Economy Adds $170 Billion in a Single Day

The recent drop in Bitcoin's price below the $100,000 mark has led to a surge in bearish forecasts, with many traders predicting a decline to $92,000. However, analyst @YazanXBT has dismissed this prediction, asserting that Bitcoin is poised for a new all-time high of $145,000 instead. On November 13, YazanXBT communicated to the crypto community that rather than falling to $92,000, Bitcoin is preparing for significant upward movement. This bullish outlook is supported by historical patterns observed during previous bear market bottoms, where similar sentiments were prevalent. The analyst's confidence suggests that Bitcoin still has potential for growth before any major corrections occur.

Robert Kiyosaki argues that a global cash shortage is driving the current market crash. He maintains a bullish stance on Bitcoin and gold, stating that he is holding these assets and plans to purchase more Bitcoin once the market downturn concludes.

Bitcoin has fallen below the $100,000 threshold for the first time since May, currently trading around $97,000. This decline has raised concerns among traders and investors, leading to increased anxiety in the crypto market. The CEO of CryptoQuant stated that a bear cycle will not be confirmed unless Bitcoin drops below $94,000, highlighting the uncertainty and fear prevalent among market participants.

American Bitcoin (ABTC), co-founded by Eric Trump and Donald Trump Jr., reported significant profits for the third quarter (Q3) of the year. The company, which operates as a miner and buyer of Bitcoin, achieved a revenue of $64.2 million, marking a notable increase from the previous quarter. The net income for Q3 reached $3.5 million, slightly surpassing the $3.4 million earned in the same quarter last year. Throughout the quarter, American Bitcoin acquired over 3,000 BTC through mining operations and strategic purchases, joining other companies in accumulating Bitcoin. As of September 30, the company held a total of 3,418 BTC and increased its mining capacity by 2.5 times, reaching a total capacity of 25 EH/s.

Institutional investors' retreat from Bitcoin ETFs signals a shift in risk appetite, potentially impacting broader cryptocurrency market stability. BlackRock's IBIT has recorded the largest outflow on record, offloading $463 million in Bitcoin. This trend reflects changing investor sentiment and may influence future asset management strategies in the crypto space.

Bitcoin has fallen below the critical $100,000 threshold, trading around $97,000 for the first time since May. This decline highlights a weakening bullish momentum as traders face challenges in maintaining key support levels amid increasing macroeconomic uncertainty and a diminishing risk appetite. Market sentiment has shifted to a more fearful stance, with investors exercising greater caution.

Michael Saylor, Strategy Chairman, has refuted claims that his company has decreased its bitcoin holdings. This speculation arose after a user on X, Walter Bloomberg, pointed to Arkham data indicating a drop in Strategy's wallets from approximately 484,000 BTC to around 437,000 BTC. Saylor emphasized that the company is still actively purchasing bitcoin despite the rumors.

Bitcoin has fallen below $100,000, currently trading around $97,000 for the first time since May, amid increasing selling pressure. Market sentiment has turned fearful, with traders reducing leverage and moving into stablecoins. However, on-chain data indicates that large buyers may be preparing for a rebound, as significant bid walls of 2,800 BTC have been observed on Binance Futures. This trend suggests that institutional traders might be accumulating Bitcoin during this downturn.