- Summary:
- Bitcoin price finally hit the milestone six-figure price mark. We discuss what this means for the crypto industry and what next for BTC.
It finally happened! BTC price crossed the $100,000 mark on Thursday, translating a long-term fantasy into reality. Bitcoin rallied by 2.9%, on Thursday, reaching an all-time high price of $103,620 at the time of writing. While the signs had been flickering since Donald Trump’s re-election as the 47th US president, the crypto coin had recently wavered, coming to the precincts of breaking below $95k.
How did Bitcoin price get here?
The final break into the six-figure territory came after Trump nominated crypto advocate Paul Atkins to take over the reins at the Securities and Exchange Commission. Atkins will replace Gary Gensler, who will resign from his role on January 20, 2025.
Gensler is perceived as a barrier to crypto industry growth. His reign was underlined by multiple legal suits against leading institutions and personalities in the industry, most notably against XRP issuer, Ripple Labs.
With BTC price crossing the $100k mark, many analysts expect an influx of institutional investment in digital assets. The immediate impact will be felt in the Bitcoin and Ethereum Exchange Traded Funds (ETFs), approved earlier in the year.
Bitcoin ETFs had $108.7 billion in Assets Under management (AUM) at the close of business on Wednesday. That figure is likely to rise significantly when markets open with BTC price at six figures. Meanwhile, Ethereum’s ETF recorded $1.02 billion in trading volume on Wednesday, with the market cap at $8.21 billion.
What next for BTC price?
With BTC price at $100k, the market sentiment will likely be geared towards incremental $10k targets, with the next major milestone at $150,000. However, a new all-time high price also means all BTC holders are “In the Money.” That carries the risk of downward pressure once investors start taking profits.
Ultimately, a consolidation will follow. However, the latest milestone is difficult to ignore, even for BTC skeptics. Furthermore, if Trump makes good his promise to establish a strategic BTC Federal Reserve, we are likely to see more upthrust than downward pressure for the crypto bellwether.
BTC price prediction
Pivot: BTC price pivots at $101,970. The momentum indicators signal a strong bullish control. However, breaking below that mark could usher the onset of bearishness.
Resistance: The first resistance is likely to be at $103,025. However, a continuation of the upside momentum will break above that level and potentially test $104,000.
Support: Initial support is likely to come at $101,190. Breaking below that level will invalidate the upside narrative. That could see the establishment of the second support at $100,500.
