Bitcoin Price Prediction: BTC/USD Continues Its Strong Rally Targeting $100k

Bitcoin price continued soaring in the overnight session, reaching a record high of over $93,200. The BTC/USD pair has soared by almost 90% from its lowest level in August and 115% from its January levels.

Bearish View

Bitcoin price continued its strong rally on Monday, reaching a record high of $93,240, up by over 90% from its lowest level in August. The BTC/USD pair has soared by more than 115% from its January levels.

After rising to a record high on Friday, Bitcoin continued its strong performance on Monday as the US dollar index retreated to $106.3. It also rose after Donald Trump settled on Howard Lutnick, the head of Cantor Fitzgerald, to be the new Commerce Secretary.

Lutnick has often talked positively about Bitcoin and the crypto industry. Trump campaigned on making the US the capital of Bitcoin and other cryptocurrencies, and analysts expect his SEC to be different than Joe Biden’s.

Moreover, investors and companies are still showing interest in Bitcoin. There are rumors that Trump’s social media company wants to acquire Bakkt, a company in the crypto industry.

MicroStrategy is also planning to raise more funds to buy Bitcoin. Riot Platforms, one of the leading companies in the crypto industry, is also planning to buy more of the coin.

Data revealed that spot Bitcoin ETFs have seen inflows of over $27.7 billion since January this year. Among these, Blackrock’s IBIT has the highest funds, followed by Grayscale and Fidelity.

As the coin attempts to hit $100,000, these funds will probably see more inflows in the upcoming sessions.

Bitcoin is also performing well due to the increasing odds that the Federal Reserve will continue cutting interest rates later this year.

BTC/USD Technical Analysis

The BTC/USD pair continued its strong rally in the overnight session, surging to a record high. It moved past the critical resistance level of $73,777, which was the previous all-time high.

Bitcoin remained above the 50-day and 100-day Exponential Moving Averages (EMA), indicating strong momentum. The Relative Strength Index (RSI) has risen to an overbought level of 70.

Furthermore, the Market Value to Realized Value (MVRV) indicator also pointed upwards, reaching 2.7, suggesting more gains ahead.

As a result, Bitcoin will probably continue rising as bulls aim for the key resistance level at $100,000. A drop below the support at $85,000 will briefly invalidate the bullish view.