Bitcoin Surpasses $100,000: Latest Updates and Insights (December 2024)
Bitcoin (BTC) has made history, crossing the $100,000 milestone for the first time, driven by a confluence of factors including institutional demand, Bitcoin ETF inflows, and favourable macroeconomic conditions. As of today, BTC is trading around $101,879, marking a 5.35% increase over the past 24 hours, with a market cap exceeding $2 trillion.
Key Drivers Behind Bitcoin’s Surge
- Institutional Investment & ETFs: The recent approval of Bitcoin ETFs has significantly boosted institutional inflows, a key catalyst for BTC’s surge. Analysts predict that continued institutional adoption could propel Bitcoin further, potentially challenging the $105,000 resistance level
- Macroeconomic Factors: Bitcoin’s rise is also attributed to recent Federal Reserve interest rate cuts, which have improved market sentiment. Coupled with a bullish outlook for the U.S. economy post-election, Bitcoin’s rally is likely to sustain its momentum
- Whale Accumulation: Major Bitcoin holders, or “whales,” have been accumulating BTC, which is seen as a bullish indicator. In November alone, whales added nearly 64,000 BTC to their holdings, signalling confidence in long-term growth
What to Expect from Bitcoin (BTC) in December 2024
- Experts are hopeful about Bitcoin’s possibilities in December, with forecasts of a convention above $100,000 driven by institutional interest and ETF inflows.
- Bitcoin whales gathered more than 63,000 BTC in November, flagging solid help for the digital currency.
- BTC should recover $99,588 as help to target new highs, however, $105,000 stays a key obstruction level.
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Bitcoin (BTC) has confronted a slight difficulty in its new vertical direction, battling to energize the profoundly expected $100,000 cost mark. The digital money has been solidifying underneath this imprint for the beyond couple of days, leaving financial backers hypothesizing about its close-term cost development.
Nonetheless, a few conspicuous crypto experts stay hopeful about Bitcoin’s possibilities in December. This investigation investigates a portion of their conjectures.
Bitcoin Might Move Above $100,000, Investigators Say
As indicated by Juan Pellicer, a Senior Scientist at IntoTheBlock, December will be bullish for Bitcoin. This bullish inclination will be pushed by “uncommon institutional interest through Bitcoin ETF inflows,” which will drive the coin’s price above $100,000.
“We are noticing an exceptionally bullish situation for Bitcoin as we approach December, essentially determined by phenomenal institutional interest through Bitcoin ETF inflows. This flood in institutional support, combined with a perceptible facilitating of macroeconomic tensions, positions BTC well for a $100K breakout. The ongoing business sector structure areas of strength for recommends stages,” the investigator told BeInCrypto.
Interestingly, BTC ETFs have recorded net outflows this week without precedent for a very long time. As indicated by SoSoValue, outpourings from these assets have totalled $458 million. This decline comes closely following a critical drop in BTC’s cost, which saw it exchanging as low as $92,000 recently. This value pullback might have provoked institutional financial backers to pull assets from these ETFs in light of the market shift.
BTC Value Expectation: This Help Floor Is Vital
Nonetheless, while likewise submitting that Bitcoin’s cost might mobilize above $100,000 in December, Julio Moreno, Head of Exploration at CryptoQuant, noticed that the coin might confront a transient opposition at $105,000.
As per Moreno, an evaluation of BTC’s on-chain acknowledged cost groups uncovered that the cost band close to $105,000 (max band) was a huge obstruction level back in Spring when Bitcoin momentarily came to $74,000. This authentic opposition may now impact the coin’s future cost activity.
This implies that once BTC’s cost approaches this maximum band around $105,000, it might observe a pullback.
Bitcoin currently trades at $96,795. For the $100,000 expectations to emerge, the coin needs to recover its record-breaking high of $99,588, which has turned into an obstruction level, and flip it into a help floor. Assuming this occurs, the coin might revitalize above $100,000 in December.
Then again, if selling pressure spikes, BTC’s cost might decline toward $88,986, discrediting the experts’ bullish projections.
