Why Bitcoin Is Going Up: Will $BTC Hit $100K Before 2024
Why is Bitcoin Price Up Today: What’s Fueling the Push for $100K BTC
Bitcoin Price Soars to $97,900: Aims for $100K as Market Dominance Climbs
Bitcoin’s unstoppable rally continues as the world’s largest cryptocurrency gains 4.30% today, setting a new all-time high of $97,457. The surge pushes BTC closer to the $100K milestone, increasing its market dominance to over 60.5%. Meanwhile, Ethereum lags behind as the ETH/BTC pair hits a three-year low, signaling Bitcoin’s growing dominance. Analysts now predict Bitcoin could rally further, targeting $135,000.
BTC Chart Hints at $125K and Beyond
Post-U.S. elections, Bitcoin's price chart forms a flag-and-pole pattern, with a recent breakout suggesting an upward trajectory toward $125,000. The rally seems to extend what many are calling the "Trump trade," fueled by key developments in U.S. crypto policy.
Trump Administration Eyes New Digital Assets Post
On November 20, reports revealed that Donald Trump’s team is advocating for a dedicated White House role focused on digital assets policy. Discussions with crypto industry leaders indicate the position would have direct access to the President. This news has reignited excitement within the crypto market, driving Bitcoin’s price higher.
Massive Liquidations and ETF Inflows
Data from Coinglass shows Bitcoin liquidations skyrocketed to $119 million over 24 hours, with $93 million in short liquidations and $25 million in long liquidations. Simultaneously, spot Bitcoin ETFs have seen massive inflows.
On November 20, spot Bitcoin ETF inflows hit $773 million, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $626 million. Fidelity’s FBTC followed with $133 million in inflows. The day prior, IBIT options debuted on Nasdaq, recording over $2 billion in trading volumes.
Institutional Interest Powers Bitcoin Surge
Institutional investors are driving Bitcoin’s recent gains. BlackRock recently launched Bitcoin options trading through IBIT, which recorded $1.9 billion in trading volume on its debut day—a record for Bitcoin ETFs.
Adding to the momentum, a company reportedly linked to Donald Trump is in talks to acquire Bakkt, a key player in institutional cryptocurrency trading. Bakkt, backed by the Intercontinental Exchange, has played a pivotal role in expanding institutional access to crypto assets.
