Bitcoin Reaches $81,000 Driven by Strong Political and Institutional Support – Will $100,000 Be Next

Cryptocurrency Droa November 10, 2024

Bitcoin Reaches $81,000 Driven by Strong Political and Institutional Support – Will $100,000 Be Next

Bitcoin price today crossed $81,000, marking a new all-time high. This surge has led to a cumulative weekly gain of over 19%.

At the time of writing, Bitcoin was trading at $80,910 with an intraday high of $81,012 and a low of $76,097. This upward momentum is attributed to several factors:

Political Factors: The recent U.S. presidential election, resulting in Donald Trump’s victory, has been perceived positively by the crypto market. Trump’s pro-crypto stance and proposed policies, such as establishing a U.S. Bitcoin reserve, have bolstered investor confidence.
Regulatory Developments: The approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has opened new avenues for investment, potentially driving further price appreciation.
Institutional Investment: Major financial institutions, including BlackRock, have increased their Bitcoin holdings. BlackRock’s iShares Bitcoin Trust has accumulated over 257,000 BTC, valued at approximately $16.9 billion, indicating sustained institutional demand.

Analysts are optimistic about Bitcoin price reaching $100,000 by Dec 2024

Standard Chartered: The bank reiterated its forecast that Bitcoin is on track to hit $100,000 by the end of 2024, citing increased dominance in the crypto space and reduced selling by miners.
10x Research: The firm predicts that Bitcoin may reach $100,000 by January 2025, driven by institutional interest, market signals, and Bitcoin’s dominance.

Technical analysis suggests that Bitcoin’s recent breakout above the $76,900 resistance level has provided a strong boost, with the next major resistance at $81,000. If BTC sustains above $81,000, there’s a belief it could continue its ascent towards $100,000 mark.

Given the current market dynamics, institutional investments, favorable regulatory developments, and positive political factors, Bitcoin appears well-positioned to reach or exceed $100,000 by the end of 2024.

Key Levels to Watch

Immediate support for Bitcoin (BTC) is noted around $76,500. A sustained break below this could indicate a local top has been formed.

Resistance levels have been identified at approximately $81,000 and $83,000, where the price is nearing an upward channel resistance. This alignment also coincides with Fibonacci extension levels suggesting potential resistance.

A correction to the $75,000 – $76,000 is possible if the price does not extend beyond the current Fibonacci level at 1.65, which aligns with the $81,000 target.

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