Bitcoin Rockets to New All-Time Highs: $100,000 Incoming?
Bitcoin is now at new all-time highs, per the formation in the daily chart. As buyers fuel demand, the coin is inching closer to $100,000
Bitcoin is now at new all-time highs, looking at the performance in the daily chart. As buyers fuel demand, the coin is inching closer to $100,000. Notably, a fresh influx in capital suggests a willingness to keep prices at current levels.
The surge is not an isolated event. It’s part of a broader trend in the cryptocurrency market. Trackers show that Bitcoin is up roughly 2% on the last day and 10% in the past week of trading. However, the total crypto market cap is down 1.45% to $2.59 trillion. This suggests that while Bitcoin is performing well, other cryptocurrencies are not experiencing the same level of growth. Despite this, Bitcoin’s dominance remains at approximately 52%, indicating its continued influence on the market.
While prices rally, there has been a deluge in trading volume. In the past day alone, the average trading volume shot by 40%. The figure will likely rise if prices expand from spot rates.
Possible catalysts for the leg up toward $100,000 include:
- Wall Street accumulation: The approval of spot Bitcoin exchange-traded funds (ETFs) has been a game-changer to Bitcoin and the broader industry. According to the latest news, BlackRock has more coins than MicroStrategy, the publicly traded business intelligence firm. This development points to the spike in demand among institutional investors acting through BlackRock and other issuers.
- Bill Ackman, the CEO and founder of Pershing Square Capital Management, thinks the widespread adoption of Bitcoin might lead to more energy use and contribute to the decline of the USD.
Bitcoin Price Analysis
BTC/USD remains bullish, looking at price action in the daily chart.
The uptrend is clear. Prices are still aligned along the upper BB, suggesting strong upside momentum.
With prices strongly trending above the psychological $70,000, there is more interest in the coin. As such, the odds of BTC floating to $100,000 cannot be discounted.
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