Bitcoin price is approaching a historic price point of $100,000.
After a parabolic hike following the US election, Bitcoin is now approaching $100,000. A week of stabilization that remains bullish as the price of digital gold approaches a new peak. While crypto septics have not stopped screaming during the week, crypto enthusiasts have not stopped buying, especially institutional players (large investors, companies or governments) confirming a strong demand for Bitcoin in the markets.
Spectacular increase in November that was not won. Bitcoin’s price had already seen a sharp rise earlier this year thanks to the Bitcoin and Ethereum ETFs. Many experts were still skeptical about the possibility of a similar bullrun in 2021 and 2017. Prices start with an advance on other years. Yet the massive influx of capital into the market has allowed Bitcoin holders to make monstrously high values. The increase over November is 44%.
As a reminder, at the beginning of the year, Bitcoin had already experienced a similar increase before stabilizing around $70,000 and then falling to $55,000 in September. A bullish trend is then draw towards mid-September letting the market know that the bull run is coming. From January to March 2024, prices had risen by more than 80%. A good indicator of the performance that Bitcoin is capable of.
Be careful to take profit. With such a price level, many long-term and medium-term investors might want to make profits and sell. This could create a stagnation or decline in the price of Bitcoin. However, if the $100,000 resistance is passed, it is difficult to say exactly what new areas of support and price resistance will be. Symbolic levels could be drawn as we have already observed in the past (All + $5,000/+10,000) or price levels such as $125,000/$150,000. Others are advancing tiers as $136,000 (x2 max 2021).
In reality no one can really know, the technical indicators and investor appetite will be to watch closely until late December when cryptocurrencies tend to correct.
