Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company\u2019s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price.<\/p>\n
According to data<\/a> from Coinglass, over $478 million worth of contracts \u2013 primarily long positions \u2013 were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin.<\/p>\n However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to highlight<\/a> a long cup and handle pattern forming on Bitcoin\u2019s weekly chart.<\/p>\n For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded \u201ccup\u201d followed by a brief consolidation period or \u201chandle.\u201d It typically signals the potential for a continuation of an uptrend, often leading to significant price gains.<\/p>\n Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions.<\/p>\n On the other hand, prominent crypto analyst @Trader_XO warned<\/a> that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend.<\/p>\n Despite yesterday\u2019s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today\u2019s US inflation data<\/a> for November, which largely aligned with market expectations.<\/p>\n Bitcoin recently hit a new all-time high (ATH) of $103,679, according to data<\/a> from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week.<\/p>\n Several factors could drive Bitcoin\u2019s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have hit<\/a> multi-year lows, reflecting rising demand for the digital asset.<\/p>\n American financier and former investment banker Anthony Scaramucci recently predicted<\/a> China might establish its own Bitcoin reserve if the US proceeds<\/a> with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin\u2019s supply scarcity narrative, potentially driving prices higher.<\/p>\nBTC Takes Another Jab At Breaking Through $100,000<\/h2>\n