Bitcoin (BTC) Approaches the Psychological $100,000 Mark, Sparking Interest

Bitcoin's BTC/USD approach toward the psychological $100,000 mark has sparked interest, with inflows into spot ETFs and IBIT options trading contributing to optimism.

Bitcoin (CRYPTO: BTC) price movements have been closely followed as it approaches the psychological $100,000 mark, with data highlighting inflows into spot ETFs and the trading of IBIT options contributing to optimism.

Here's a closer look at the statistics and trader notes:

Spot Bitcoin ETFs recorded a net inflow of 9,363 BTC ($884.9 million) on Tuesday, according to Lookonchain data.

Spot Ethereum ETFs reported a net outflow of 26,071 ETH ($81.16 million).

Of the Bitcoin ETFs, Ark21Shares‘ ARKB had the largest net inflow with 2,871 BTC, increasing its total holdings to 49,699 BTC.

On the other hand, Fidelity‘s FETH reported the highest net outflows among Ethereum ETFs, to the tune of 15,000 ETH.

“ETF flows have hit record levels globally. December is historically a high-flow month,” noted Bloomberg analyst Eric Balchunas.

Crypto chart analyst Ali Martinez compared Bitcoin's current performance to December 2020, highlighting identical RSI levels in a tweet. Based on this observation, Martinez forecasts that BTC will hit $108,000, retrace to $99,000, and then surge to $135,000.

His analysis is further supported by the performance of meme coins like Dogecoin (CRYPTO: DOGE) and Bonk (CRYPTO: BONK), which are expected to benefit from Bitcoin's rise to $100,000, according to Altcoin Sherpa. He predicts continuing consolidation for altcoins, presenting additional opportunities for gains.

CrediBULL Crypto observed Bitcoin's movement above key low timeframe (LTF) levels, which suggests a consolidation phase before a sustained rise. If Bitcoin manages to hold its highs, altcoins may pump further, but a sharp pullback to $70,000 could drag altcoins down temporarily, the trader noted.