As the crypto market is currently sailing through strong bullish sentiment and confidence, an analyst on X named Crypto Rover’s post suggests that Bitcoin could touch the $100,000 mark soon, the milestone everyone is anticipating.
Bitcoin Uptrend
Crypto Rover writes on X, “This #Bitcoin uptrend is FAR from over!”
BTC has seen an exceptional resurgence in recent weeks that helped the biggest cryptocurrency to break its previous all-time high. At the time of publication, Bitcoin price is revolving around $91,623.24 with a marginal drop of 0.24%. Meanwhile, BTC market capitalization is also gradually heading toward a $2 trillion trajectory.
After Donald Trump’s victory, BTC has experienced a remarkable rally, breaking all previous resistance as well as ATH in the month. According to some crypto experts, the upward momentum is supported by institutional investment in BTC spot ETFs, whale moments, and depleting BTC reserves on crypto exchanges.
Additionally, the demand for BTC reserves in the federal treasury is growing stronger under the Trump administration. During his election campaign, Trump has vowed to create pro-crypto policies to make America a crypto hub.
After witnessing BTC’s recent climb from the critical support levels, Nick Forster, a crypto analyst, has projected that BTC could easily surpass the $100,000 mark by the end of 2024, even touch $150,000 by December 27, 2024.
On the other hand, Crypto Rover has set the price target of the current BTC bull run at $200,000, on the verge of a massive breakout.
The rally above $92,000 is a positive indicator for Bitcoin that it could maintain an uptrend in the upcoming weeks. However, BTC may face resistance as it nears the $100,000 mark, as it is a psychological barrier.
Once Bitcoin crosses the psychological barrier, there will likely be some volatility as investors book profits. However, the outlook will remain bullish as big institutions like Microstrategy and BlackRock are continuously purchasing large sums of BTC.
Also Read: Trading of Bitwise Bitcoin ETF (BITB) Options to Begin on Wednesday
Source: https://www.cryptonewsz.com/analyst-bitcoin-uptrend-over-100k-in-december/