Bitcoin (BTC) Price Analysis and Prediction: Will BTC Reach $100K?

Bitcoin's price surged impressively following Donald Trump's re-election; on November 22, Bitcoin achieved an all-time high of $99,830

Bitcoin's price experienced a significant surge following Donald Trump's re-election bid. On November 22, Bitcoin reached an all-time high of $99,830, coming close but ultimately falling short of the highly anticipated $100,000 milestone.

After hitting this peak, BTCUSD encountered a corrective phase, with prices retracing to a low of $91,377 as a result of early investors engaging in profit-taking activities and the natural market volatility that unfolds during such moments. At the time of writing, Bitcoin is trading at around $93,600, at a critical juncture with traders and investors keeping a close eye on its next move.

Bitcoin Chart Analysis

Performing a technical analysis of Bitcoin's price chart on the daily timeframe reveals the following key resistance and support levels:

Bitcoin Resistance Levels:

96,700

99,830 (all-time high)

103,800

Bitcoin Support Levels:

93,600

91,377

88,000

Collectively, these price points serve as crucial zones that could potentially influence Bitcoin's directional bias and traders' strategies.

Challenges Keeping Bitcoin Below $100K

Several challenges have hindered Bitcoin's continuous ascent to the six-figure mark. Among them are regulatory hurdles, with the SEC expressing concerns over the cryptocurrency's volatility and the potential for fraud in the market.

Another factor is the limited liquidity in the Bitcoin market, especially at higher price points, which can lead to exaggerated price movements and make it difficult for large traders to enter or exit positions without impacting the price. This illiquidity is driven by the HODLing mentality of many Bitcoin investors, who prefer to hold their coins long-term rather than selling them for a profit.

Moreover, the high energy consumption of Bitcoin mining has drawn criticism from environmentalists and regulators alike, leading to discussions of alternative consensus mechanisms and renewable energy usage. This aspect could influence the cryptocurrency's mainstream adoption and impact its price trajectory.

Will Bitcoin Reach $100K?

The path to $100,000 is still open, but it requires overcoming multiple hurdles. A key catalyst for renewed momentum could be the 2024 Bitcoin halving, which reduces the supply of new bitcoins and historically triggers price rallies.

Additionally, rising institutional interest as a result of positive policy changes and the introduction of Bitcoin ETFs could push the cryptocurrency closer to its anticipated achievement. However, Bitcoin's journey is unlikely to be a straight line. Consolidation and pullbacks are part of the process, and traders must remain vigilant for signs of trend reversals.

For now, Bitcoin's ability to sustain support above $91,000 while targeting a clean breakout above $96,700 will determine whether the bulls can finally rewrite history.