Bitcoin Weekly Forecast: New high of $100K or correction to $78K?

• Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half.
• Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
• Traders should be cautious as some BTC investors and miners are booking profits and increasing the selling pressure.

Bitcoin (BTC) surged up to 16% in the first half of the week, reaching a new all-time high of $93,265, followed by a slight decline in the latter half. Reports suggest the continuation of the ongoing rally as they highlight that the current trading level is still not overvalued and that project targets are above $100K in the coming weeks. However, this optimism could not last long as some BTC holders and miners realize profits and increase the selling pressure, which could lead to a pullback to $78K. 

Why Bitcoin could reach $100K in the upcoming weeks?

Bitcoin reached a new all-time high (ATH) of $93,265 this week, rallying over 35% since the US Presidential election on November 5. “Bitcoin is still not overvalued,” says Crypto Quant in its weekly report.