Bitcoin is gaining significant traction, with crypto analyst Cold Blooded Shiller pointing to the cryptocurrency’s bullish momentum and suggesting a continued uptrend. In a recent post on X, Shiller noted that Bitcoin is exhibiting strength across all timeframes, potentially setting the stage for a surge to $100,000. However, he also warns of a possible short-term correction, which he believes could establish a higher low on the weekly chart.
Shiller remains firmly bullish, encouraging investors to stay resilient against potential downturns. He describes Bitcoin as an “uptrending machine,” anticipating that any dips will be shallow due to increasing demand. He recommends viewing these pullbacks as buying opportunities, asserting that Bitcoin is “on the verge of something beautiful,” and that recent price drops may offer the last chance to purchase Bitcoin at a more favorable price.
Supporting Shiller’s optimistic view, on-chain data reveals a 3.3% rise in daily active Bitcoin addresses, indicating heightened activity and engagement. According to IntoTheBlock, a remarkable 95% of Bitcoin holders are currently in profit, underscoring the market’s bullish sentiment. Bitcoin is currently consolidating near its previous all-time high, with over 320,000 active addresses operating within this price range. Notably, 220,000 of these addresses have an average acquisition price of around $68,500, suggesting a strong level of interest and potential support at these levels.
The role of Bitcoin as an institutional asset class will be a major topic at Benzinga’s upcoming Future of Digital Assets event on November 19. This event promises to provide valuable insights into the future of Bitcoin and the broader digital asset landscape.