Traders See Even More Bitcoin Buying Pressure as BTC Sets New Record at $103K
2024-12-05

Bitcoin broke the landmark $100,000 level earlier Thursday, nearly 15 years after it first went live, in a move that some traders expect to keep continuing.
BTC added 7.2% in the past 24 hours, data shows, zooming to a $2 trillion market capitalization for the first time as it set a record just over $103,670. It has since lost ground to $102,500 in Asian afternoon hours as traders took early profits on the move.
The asset has gained 50% in the past 30 days on increased institutional demand, rising ETF inflows, improved sentiment among traditional finance circles and optimism around Donald Trump’s upcoming presidency in the U.S. — one that has promised to make the country a hotbed for bitcoin activity.
Spot BTC ETFs in the U.S. notched up $533 million in net inflows on Wednesday, data shows, with BlackRock’s IBIT crossing $50 billion in net assets for the first time.
Such rapid price ascension has spurred fears of a local market top among some watchers that could send prices tumbling as low as $90,000. But a seasonally bullish holiday period, demand from ETFs and higher mainstream media attention could fuel more buying demand for BTC in the coming weeks, traders say.
Here’s what three traders are saying about the current rally, and future moves.
“With the positive headline of Powell’s comment that Bitcoin is digital gold and the appointment of Paul Atkins as SEC chair, BTC has finally reached 100k." 
However, we believe there is more room for a rally, as there must be some demand waiting for BTC to break 100k, which will capture more public attention. Moreover, BTC remains small compared to other macro assets, and the growth of its market cap will attract large institutions that are now able to allocate a meaningful size.” — Presto Research investment analyst Min Jung
“Bitcoin's recent surge past the $100,000 mark is not just a milestone; it represents a pivotal moment for the cryptocurrency industry. The confidence is spurred by an increasingly favorable regulatory environment in the U.S., particularly with the appointment of Paul Atkins to chair the SEC. This is likely to drive further institutional investment in the sector, giving Bitcoin more credibility and leading to a new wave of adoption.” — Jeff Mei, COO at BTSE.
“Although some speculators believe reaching $100k signals a market top, on-chain demand and macroeconomic indicators suggest Bitcoin still has a lot of momentum to push higher. This is further evident in the leading bearish narratives invalidated, such as the US presidential election and the regulator's stance towards crypto."
"While long-time holders may deleverage their positions, mainstream media and retail market investors have only started to notice the incredibly fast rise of Bitcoin at this key level, which may add to more buying pressure from a fear of missing out.” — Nick Ruck, Director at LVRG Research.