Bitcoin $100,000 — postponed is not cancelled

Bitcoin has been trading at record levels since mid-November in a price corridor between $90,000 and $99,000. But the magic mark of $100,000 per BTC

Bitcoin has been trading at record levels since mid-November within a price corridor between $90,000 and $99,000. But the magic mark of $100,000 per BTC has so far remained insurmountable. Why is that?

The crypto year 2024 is entering its final stretch and the leading currency (BTC) is starting from a fundamentally excellent position. Until the US election, it was the Bitcoin ETFs in the USA that ensured new all-time highs of over $70,000.

With the success of Donald Trump, Bitcoin ignited a second turbo in November and has been trading at a stable level of over $90,000 for two weeks. BTC also temporarily cleared the hurdle of $99,000 on the last weekend in November – but the magic mark of $100,000 just won’t fall.

What could be the reasons why the BTC price curve is having such a hard time breaking into six-digit territory?

Analysts such as Valentin Fournier from BRN point out that market participants have placed concentrated sell orders for Bitcoin just below the $100,000 mark. He estimates a good 4,000 Bitcoin with a market value of almost $400 million as a “substantial sell wall” that must first be overcome before new levels can be reached. However, given the ongoing capital inflows for the Bitcoin ETFs, this can hardly be the only reason. Data from SoSo, for example, show $353 million just yesterday, which were freshly invested in the BTC ETFs and automatically require the ETF issuers to buy more Bitcoin.

The macroeconomic situation in the USA and the US dollar is not sending any clear signals. The dollar has regained strength since Trump’s election victory, and threatened punitive tariffs on imports are raising fears of a slowdown in economic growth.

Bitcoin, with its image as “digital gold” and store of value, is having a hard time pricing in such risks. Investors are also looking ahead to publications on US inflation and the economic climate this week. For Bitcoin, it will also be important whether the US central bank lowers the key interest rate again on December 18, which has usually strengthened BTC in the past.

In the short term, the continuation of the Bitcoin rally is apparently being hampered by the overall crypto market. US altcoins such as Solana and Cardano are booming, led by XRP (Ripple) – investors are also restructuring portfolios because they see greater profit opportunities in this segment than in Bitcoin for the moment. This can also be seen in the fact that Bitcoin dominance in the overall crypto market has recently declined, currently at 52 percent.

Conclusion: Bitcoin $100,000 — postponed is not cancelled

The current price levels of Bitcoin mean that virtually every BTC investor is in profit. This should not be forgotten by those who are impatiently waiting for the magic mark of $100,000 per Bitcoin to fall. The next attempt to overcome this hurdle is in the air – as is the possibility that the outgoing US government will sell off almost 20,000 confiscated Bitcoin (market value today: almost $2 billion) in its final stages, thereby creating short-term price pressure.

In the medium and long term, analysts such as Matt Hougan of Bitwise or Dan Morehead of Pantera are already setting very different Bitcoin price targets than $100,000. Morehead expects $740,000 per BTC in 2028, Hougan thinks $500,000 for Bitcoin by the end of Trump’s term in office is realistic. Hardly anyone fears an abrupt end to the BTC rally, after all, with Donald Trump in the White House, Bitcoin is even expected to play a role in US monetary policy.

(Featured image by Oleksandr P via Pexels)

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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy,