Bitcoin Price Prediction: Why Isn’t Bitcoin at $100K Yet?

Summary:
• Why hasn’t Bitcoin hit $100K yet? Explore BTC’s all-time high of $99,830, key resistance levels, chart analysis, and challenges ahead.

Bitcoin’s price surged impressively following Donald Trump’s re-election; on November 22, Bitcoin achieved an all-time high of $99,830, narrowly missing the $100,000 milestone. However, after peaking, BTCUSD entered a corrective phase, with prices retracing to $91,377, reflecting profit-taking by early investors and natural market volatility. Now trading at around $93,600, Bitcoin finds itself at a critical juncture, with traders and investors closely watching for its next move.

Bitcoin Chart Analysis

Bitcoin Resistance Levels:

• Immediate resistance is seen at $96,700, a level Bitcoin recently tested after its surge to an all-time high.
• A breakout above this could pave the way for Bitcoin to challenge the $99,830 peak and approach the $100,000 psychological milestone.

Bitcoin Support Levels:

• Key support lies at $91,000, aligning with the recent retracement level.
• A deeper correction could see Bitcoin testing the 20-day SMA at $68,858, a crucial zone for maintaining bullish momentum.
• The 50-day SMA at $65,899 acts as strong long-term support, providing a safety net for the ongoing uptrend.

Challenges Keeping Bitcoin Below $100K

• Overbought Conditions: Sustained overbought RSI readings indicate that the market is overheated, with traders opting for caution rather than aggression at these levels.
• Regulatory Uncertainty: Despite optimism surrounding pro-crypto policies, unclear global regulations continue to hinder large-scale institutional inflows.
• Profit-Taking: The significant rise in Bitcoin’s value has caused several initial investors to secure profits, contributing to selling activity close to important resistance points.
• Economic Climate: As interest rates increase and inflation worries persist, Bitcoin and other speculative investments encounter more obstacles as investors opt for safety over risk.

Will Bitcoin Reach $100K?

The path to $100,000 remains achievable but requires overcoming multiple hurdles. A key catalyst for renewed momentum could be the 2024 Bitcoin halving, which historically reduces supply and often triggers price rallies. Moreover, rising institutional interest as a result of positive policy changes and the introduction of Bitcoin ETFs could push the cryptocurrency closer to its anticipated achievement.

However, Bitcoin’s journey is unlikely to be a straight line. Consolidation and pullbacks are part of the process, and traders must remain vigilant for signs of trend reversals. For now, Bitcoin’s ability to sustain support above $91,000 while targeting a clean breakout above $96,700 will determine whether the bulls can finally rewrite history.