Will Bitcoin Hit $100K This Week? BTC Stares Down Six-Figure Price
Bitcoin price is rallying hard, and traders are closely monitoring BTC price action, but will Bitcoin hit 100k? And if so, when?
No one saw Bitcoin
Price
Trading volume in 24h
Last 7d price movement
lifting off this fast and hard this fast.
This week, the coin has added over $300 billion, cementing its lead as the world’s most valuable coin.
$BTC Nov 14th daily…beta shows 100,000 for the first time. A break above R8 resistance clears the path to testing 95,000. Sideways action between 89 and 93 is likely. pic.twitter.com/0VI1F9qi0j
— DMA Consulting (@VFrank6970) November 14, 2024
Bitcoin Price is Rallying Hard: Here’s How Why
According to Coingecko, Bitcoin price is up +20% in the previous week alone, pushing its total market cap to nearly $1.8 trillion.
The coin has generated over $129 billion in average daily trading volume in the past day.
(Source)
Analysts think this is just the beginning, and there is much more for Bitcoin.
In their prediction, Bitcoin would ease past the historic six-figure milestone by the end of the month and then rip even higher.
For years, analysts have been calling for $100,000, saying that once Bitcoin breaks above this mega wall, it will be historic and mark the start of another growth trajectory.
🥳 Bitcoin's incredible run has now topped out at a new all-time high price of $93,490. The hype across social media platforms is calling the tops very reliably, with the biggest signal came as $100K+ BTC price speculation poured in right at the ATH 4 hours ago.
Counter-trade… pic.twitter.com/fqn0tVEL80
— Santiment (@santimentfeed) November 13, 2024
When that happens, BTC will register fresh all-time highs, propelled by a wave of institutional and state demand.
In the last bull cycle, concerns about inflation led to Tyler Winklevoss predicting $500,000 for Bitcoin in the coming years.
Although that is over 5X from spot rates, the pace of growth in the coming few trading days may solidify bulls’ beliefs.
Presently, the local support for buyers to defend aggressively is $85,000, or November 12 low. Bitcoin can quickly lift and soar above $100,000 within the next two weeks if this level remains, anchoring buyers.
(BTCUSDT)
The current wave of demand follows the predicted win of pro-crypto Donald Trump in the last polls.
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Polymarket had given the former president a 66% chance of winning, and he did.
Other crypto-supporting legislators won seats in the Senate and Congress.
If these politicians deliver their campaign promises, crypto and Bitcoin could extend gains in the next five years.
For now, the top of the list and a key policy change is the possible addition of Bitcoin as a strategic asset, joining gold, in the United States.
Interestingly, during this time, the market expects even fewer BTC in circulation now that the coin halved in April 2024.
The current surge is the post-Halving cycle that has historically triggered sharp price gains.
(Source)
All the same, caution should prevail.
As prices tick higher, the futures market is overleveraging, slowing down the uptrend since attention is shifting from actual spot buying to trading and leverage.
Aware of this risk, Kris Marszalek, the CEO of Crypto.com, said the market needs to flush out overleveraged traders if prices are to steadily rally toward $100,000.
(Source)
Even with this possible risk, the gap to $100,000 is narrower than ever. Punters on Kalshi give BTC a 75% chance of hitting this milestone by January and a 53% probability in the next two weeks.
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