Bitcoin’s price reached $99,612.93 early Monday, nearly touching the coveted $100,000 mark. The cryptocurrency market showed strong momentum to start the new year. Bitcoin rose 1.24% in the last 24 hours, trading at $99,579. The global cryptocurrency market cap increased to $3.54 trillion, up 0.29% from yesterday.
Analysts attribute the rally to several factors. MicroStrategy’s recent $200 million Bitcoin purchase boosted investor confidence. The company’s CEO, Michael Saylor, plans to acquire $42 billion worth of Bitcoin over three years. This move signals long-term faith in the cryptocurrency’s potential.
Bitcoin’s technical indicators support the bullish trend. The cryptocurrency broke through its upper bullish channel boundary. The Relative Strength Index (RSI) shows buy signals, further supporting positive sentiment.
Bitcoin Surges Past $99,000 as Market Anticipates $100,000 Milestone. (Photo Internet reproduction)
However, on-chain activity remains subdued. Daily active addresses declined 30% to 676,000 transactions on December 30. This drop suggests that long-term holders and bullish whales drive the current momentum. Retail traders appear cautious amid the price surge.
ETF activity played a role in Bitcoin’s performance. Lin Chen of Deribit reported a net inflow of $255.3 million for the week. BlackRock’s IBIT saw a record single-day outflow of 3,516.57 BTC on Thursday. Fidelity increased holdings by 3,684.64 BTC on Friday.
Bitcoin Surges Past $99,000 as Market Anticipates $100,000 Milestone
Market experts shared optimistic views on Bitcoin’s future. Edul Patel, Mudrex co-founder, noted Bitcoin’s upward momentum. He identified $99,400 as a key resistance level. Shivam Thakral, BuyUcoin CEO, highlighted growing institutional interest as a driving factor.
Looking ahead, analysts predict further gains for Bitcoin. HC Wainwright raised their target price from $140,000 to $225,000 for 2025. They cited regulatory clarity and institutional adoption as potential catalysts.
The market eagerly anticipates Bitcoin breaking the $100,000 barrier. This milestone could trigger a new wave of investor interest and media attention. However, traders should remain aware of potential volatility and market risks.
GIPHY App Key not set. Please check settings