Bitcoin Price Prediction after Slip to $95K
Bitcoin has grown substantially this month and could pass $100,000 very soon as the bulls take it and run with it.
Quick overview
- Bitcoin (BTC) is showing bullish momentum, currently priced at $95,515 after a 5% weekly increase.
- The cryptocurrency has broken through a significant resistance level near $90K, with trading volumes between $45 and $59 billion per day.
- Market sentiment is improving due to a potential regulatory framework from the U.S. Senate and easing military tensions.
- Analysts predict Bitcoin could reach $100K soon, signaling a strong recovery for the cryptocurrency.
Bitcoin (BTC) looks bullish this week after settling near $95,000 thanks to strong market sentiment in support of the crypto token and promising movement among regulatory bodies.
After climbing 5% for the week, Bitcoin is holding at $95,515 (BTC/USD), which is a very healthy place for the coin that has been embattled for months by decreasing market support and a strong resistance level near $90K.
BTC/USDBitcoin has broken through that resistance and is picking up substantial trade volume between $45 and $59 billion per day. That is a long way from where it was just weeks ago as the coin continually struggled to break through the $90K level. Now, it appears that BTC could hit $100K soon and set a new record high in the next few months.
Bulls Carry Bitcoin as Demand Improves
Several factors are working in Bitcoin’s favor right now, and one of the most significant of those is the draft of a new bill that would better regulate the cryptocurrency market. The U.S. Senate is working on this bill called the Digital Asset Market Clarity Act that would provide a stronger regulatory framework for cryptocurrency like Bitcoin and make it easier to access for a larger number of financial institutions and investors.
The crypto bulls are helping to push Bitcoin higher for now, as the coin has gained 9.47% for the month and holding onto most of its recent gains. Market sentiment for risky assets like crypto is improving as military tensions deescalate between Iran and the United States. Iran has helped the situation recently by reopening its airspace after closing off that space the previous day.
The United States inflation reading from the Consumer Price Index came in softer than expected. Even though prices increased in December among consumer goods, they were not as high as expected. That gave Bitcoin and the wider cryptocurrency market some room to breathe and grow their gains. We saw increases for many leading cryptocurrency coins as a result, including Ethereum (ETH), Monero (XMR), and Tron (TRX). All three of these coins are up for the week
Bitcoin is far from its October all-time high, but it is pushing closer to the key $100K level. If the coin can reach that high, that would signal to the wider investor market that the coin is recovering strongly and could produce some strong profits for coin holders. We expect Bitcoin to hit that mark by late next week, but after months of bearish trends for Bitcoin, it may have trouble holding onto the $100K level.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save