11.22 A hundred thousand dollars worth of Bitcoin is about to appear! How much longer can Bitcoin rise?

The current highest price of Bitcoin has surged to around 99,400, just a little shy of a hundred thousand dollars worth of Bitcoin. However, I feel it’s coming soon. As can be seen from the above chart, the current Bitcoin price is also in a state of high-level fluctuations and upward movement.

Recently, while Bitcoin has had an upward trend, it is apparent that the speed of the rise has been somewhat slow compared to before. Once it reaches a high level, the selling pressure is also quite significant. This can be seen from the candlestick patterns where the speed of the rise and the corresponding bearish candles appear after each breakthrough. Currently, there seems to be a force of cashing out.

Now, analyzing whether Bitcoin is about to reach its peak, in my view, it may not be so. It seems there is a force of cashing out present. I believe it is just that some people want to secure their profits, meaning that a portion of people feel they have earned enough and are not greedy anymore, that’s all.

This does not represent that all forces in the market think this way. Continuing to rise will definitely attract more forces into the market. Bitcoin is currently still maintaining the status of continuously breaking historical highs, and the pullback is not significant. It can be seen a bit in the short term, but not so obvious in the long term.

Looking at the previous Bitcoin bull markets after reaching historical peaks, we can find that Bitcoin actually oscillated at high levels for a long time without being able to break new highs before choosing to decline, and then the bear market would appear. Therefore, when Bitcoin has not reached a historical high for at least a week at high levels, we should reconsider this issue. I think this would be more appropriate.