History shows that Bitcoin reached an all-time high at $93.4 thousand

The price of Bitcoin has been on an impressive run that took it from $68,000 on the day of the US election just over a week ago to a new all-time high of over $93,000 this morning.

Having made approximately $25,000 in less than ten days, the crowd has hopefully become very optimistic and FOMO levels have skyrocketed. This, coupled with massive ETF trading volumes, could lead to a more painful correction, at least in the short term.

ETF volumes suggest a pullback

The most recent price increases that took BTC to $93,400 for its latest ATH appeared to have been fueled by the growing demand for Bitcoin ETFs at the time in the States. However, Santiment noted that not only are investors pouring in funds, but there are also significant outflows, which are still lower than inflows.

However, entries have decreased in recent days. In addition, the ETFs recently reached a combined trading volume of over $8.2 billion, matching the high of March 14, when BTC soared to an all-time high of $73,737.

According to the market analysis platform, if history repeats itself, this could spell trouble for the price of the cryptocurrency, at least in the short term.

The 7 largest Bitcoin ETFs have combined for $8.21B, the biggest day since BTC peaked on March 14th and then hit an all-time high of $73.7K. This indicates a massive polarity between buyers and sellers, and if history repeats itself, it could indicate the $93.4K level as a temporary high. pic.twitter.com/SvZXGafnEN

— Santiment (@santimentfeed) November 13, 2024

FOMO on the rise

With BTC gaining more than 35% in eight days, the crowd got greedy. Fear of Missing Out (FOMO) levels also skyrocketed, with most traders predicting BTC to hit $100,000 soon. Santiment reminded that people should be cautious in times of extreme greed, and even suggested that a counter-exchange might be an appropriate strategy.

Bitcoin’s incredible run has now reached a new all-time high price of $93,490. The hype on social media platforms is very reliably calling the highs, with the biggest signal when the $100,000 + BTC BTC price speculation hit the ATH 4 hours ago.

Contra trade… pic.twitter.com/fqn0tVEL80

— Santiment (@santimentfeed) November 13, 2024

CryptoPotato yesterday listed a few more reasons why the price of BTC could go back further before it goes higher. As of now, the asset has fallen below $90,000, but there could be more pain around the corner. After all, remember what happened last time when the community was laser-eyed waiting for BTC to shoot up to $100,000.

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