Bitcoin targets 100K after hitting all-time high
2024-11-10

With Bitcoin (BTC) hitting new all-time highs (ATH), another bull cycle in the crypto ecosystem could be in the works. This new ATH could be the catalyst for a new bull market due to Donald Trump's election victory and his pro-cryptocurrency stance.

On a broader level, institutional adoption of Bitcoin is continuing to grow, and businesses are actively adding it to their assets and balance sheets. Semler Scientific, for example, recently announced it had acquired $3 million worth of bitcoin to add to its existing holdings.
BTC price action also provides a low-risk trading strategy to ride the bullish trend. This trading pattern implies that bitcoin price movements typically retrace 3-5% after reaching a new ATH. In light of this, traders can take advantage of price support at $72k and  FWB:73K  to profit from the bull market.

Overall, market participants will be watching for Bitcoin to reach six-figure price levels, which I expect to reach $100k by the end of 2024.