Bitcoin eyes $100K by Christmas

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• Upon Trump's victory, Open Interest (in terms of the number of BTC) shot up to new cycle highs, whilst OI in USD terms hit a new all-time high.
• Funding Rates on the major exchanges are positive at 0.01%, but on less liquid exchanges, Funding has moved more significantly positively, indicating traders are paying a higher premium than usual to be Long.
• In the short-term, this isn't over-extended, but if the trend upwards continues, it might be soon.

BTC open interest:

Technical analysis

• Bitcoin broke out to new all-time highs upon the Trump victory.
• The key level for the price to clear above was $73,600, which the price has now convincingly closed above.
• It's possible now that $73,600 becomes new local horizontal support and price may pull back and retest this level before breaking up higher again.
• The RSI is just shy of overbought territory, however we have seen in prior times when price breaks above all-time highs, price can still rally aggressively despite the RSI being overbought. For now, this isn't much of a concern.

• Next Support: $73,600
• Next Resistance: $76,000
• Direction: Neutral/Bullish
• Upside Target: $80,000
• Downside Target: $73,600

Cryptonary's take

With the breakout to new price all-time highs, we believe the 7 month or so consolidation period is now over and that we're now in the very beginning stages of the "euphoria" part of the cycle. We're expecting BTC to be priced between $85k (extremely conservative target) and $100k (realistic target) by Christmas.

From here, let the market do the hard work for you. Unless you're a competent trader, the best bet here is to let the market run, and take your bags higher for you. There's no need to get in the way here, let the market do that hard work for you.

In the coming days, it's possible BTC pulls back to $73k, tests the prior all-time high as new local support before shooting on higher again from there.