Bitcoin's price surged 9.62% after Donald Trump was announced as the next US President, reaching a new all-time high of $77,252 on November 8. This rise is attributed to the US election results and the Federal Reserve's 25 bps rate cut.
Analyst Ali Martinez forecasts a potential price correction for Bitcoin, offering reaccumulation opportunities. Bitcoin might fall to $73,900, with $69,000 emerging as a strong support level.
Traders hold a high level of leveraged positions, leading to potential price volatility. Despite this, there's a belief that Bitcoin's bull season is just beginning, with targets exceeding $100,000 anticipated by the end of 2024.
Currently, Bitcoin trades at $76,740, while its trading volume is down 44.63%, maintaining a market cap of $1.51 trillion. The cryptocurrency remains a focal point in global headlines following a 27.76% price gain in the past month.
