Bitcoin quickly reached 90K, then 100K
2024-11-12

As the result of the US presidential election came in, Donald Trump's victory sent a wave of new investment into global markets. Bitcoin is nearing the $90,000 mark, making it the asset of choice for many investors.

Investors poured money into assets seen as benefiting from Trump policies, particularly his plans to adjust trade tariffs and ease regulations, sending bitcoin up 30 percent in a week. On the other hand, currencies such as the euro and renminbi have come under pressure on expectations of higher US interest rates. Cryptocurrency-related companies such as MicroStrategy, whose founder Michael Saylor recently added another 27,200 bitcoins to strengthen his position in the market, have benefited greatly from the rally.
Bitcoin recently hit a new high above $89,000, with speculation that it could reach $100,000 this year. Adding to the momentum was rising investor optimism, with asset managers such as Bernstein recommending increased exposure to bitcoin and forecasting platform Polymarket showing strong confidence that bitcoin could hit $100,000.

Bitcoin ETFs have seen record inflows and high trading volumes, pointing to continued investor interest, analysts said. Matt Hougan, chief investment officer at Bitwise, said long-term investors are showing strong support by holding positions not to sell below $100,000, and that positive market sentiment and a cautious selling strategy could keep bitcoin in its upward trend.

Bitcoin price analysis forecast
Current record: Bitcoin has topped $89,000
Key goal: $100,000 by year's end
Bitcoin targeting $90,000 bullish momentum holds above a key support level
Bitcoin remained in bullish territory, currently trading around $88,710, extending a strong rally that briefly saw it reach an intraday high near $89,080. The $87,110 key support level is key to maintaining a positive outlook as long as BTC price stays above this.
Immediate resistance at $89,640 and further resistance at $91,430 and $93,670 could weigh on prices if buying momentum fades. Below support is found at $87,110 and in the event of a pullback, secondary support is found at $84,660 and $82,520