Bitcoin Soars To $100k – What Drove The Price Up and What’s Next?
2024-12-05

Bitcoin (BTC) reached an all-time high (ATH) of $103,600 on Thursday, December 5, during early Asian trading hours. Bitcoin’s highly anticipated six-figure milestone comes just hours after Donald Trump officially .
After a week of sideways movement Bitcoin finally broke through $100,000. The reason for this current raly has been linked to Donald Trump winning the 2024 United States Presidential Election.$100k Bitcoin Was Imminent 
Market analysts believe that Bitcoin breaking $100,000 was imminent, as a number of factors perfectly aligned to drive the price up. 
Greg Magadini, Director of Derivatives at crypto analytics firm Amberdata, told Cryptonews that major catalysts for the price increase include tax policy around crypto, along with talks of strategic BTC reserves and continued inflows into Bitcoin exchange traded funds (ETFs).
Bitcoin has certainly been on a roll lately. BTC just recently became the seventh-largest asset by market cap in the world. 
It’s also impressive that within the past 10 trading days, Bitcoin ETFs have seen an incredible amount of inflows, totalling over $3.5 billion as of last week.
, this brings the total amount of Bitcoin ETF inflows to $31.6 billion since their introduction in January this year.Record Breaking Inflows Into Bitcoin ETFs
Joe Consorti, Head of Growth at multisig Bitcoin vault maker Theya, told Cryptonews that it’s impressive to see the crypto industry have several consecutive days of record-breaking inflows into spot Bitcoin ETFs.
“There has also been roughly $1.12 billion in short positions between here and $100,000, clustered heavily between $91.5k and $92k. Once the price broke through these two levels decisively, it was a very easy ride all the way up to $100k,” Consorti added.
The current BTC bull run has led to Bitcoin backers like MicroStrategy (MSTR) and Metaplanet announcing new BTC purchases. MicroStrategy now holds 1.5% of the asset’s total supply.Investors Will Take BTC Profits, Fueling A Full Crypto Bullrun 
Bitcoin breaking $100,000 also marks a significant turning point for both retail and institutional investors. 
Sergey Vasylchuk, CEO of global crypto staking platform Everstake, told Cryptonews that the $100,000 BTC mark demonstrates a psychological level where people will undoubtedly take BTC profits. 
However, Vasylchuk believes that many investors will not shy away from cryptocurrency. 
“Once you are addicted to crypto profit, you come back to seek more,” Vasylchuk said. 
He further believes that the crypto industry will see entry into Solana (SOL) or Ethereum (ETH), which will fuel a full crypto bull run.
“This bull run to 100,000 BTC is not the same narrative as past bullruns. This has been a BTC bullrun and not a full crypto bullrun,” said Vasylchuk. “We may even see another memecoin rally that pushes Solana to another rise or approval of an ETH ETF or pro-DeFi regulation that drives ETH up.”
Joe Flanagan, Co-Founder of Maple Finance, also believes that as Bitcoin dominance stabilizes attention will shift to blue-chip decentralized finance (DeFi) tokens.What’s Next For Bitcoin?
Industry experts predict that the new Bitcoin ATH will lead to increased growth within the crypto sector overall. 
Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, told Cryptonews that the $100k BTC price will likely result in a massive surge of retail purchases.
Tim Enneking, Founder and Principle of Digital Capital Management, told Cryptonews that Bitcoin breaking $100,000 indeed creates fear of missing out, or “FOMO” for retail investors.
“The more valuable a single BTC becomes, the more it will have a significant effect on retail investors,” Enneking said. “The asset is also closer to becoming incorporated into different countries’ reserves.” 
Enneking added that the $100k Bitcoin price will not turn into permanent support for the asset.
“If we get to $120,000 we may even see BTC drop back somewhere around $90k,” he remarked.