Bitcoin Pumping $100,000 Up Next?

Optimism is so strong that some traders expect Bitcoin to ease past $100,000.

Bitcoin price is rallying and could be heading towards $100,000 as FOMO kicks in following the approval of spot Bitcoin ETFs and Donald Trump’s win.

After the approval of spot Bitcoin ETFs by the SEC, traders and investors are optimistic about the next bull leg.

Fresh data from Soso Value shows that spot Bitcoin ETF issuers in the United States currently manage $78 billion. On November 8, these funds purchased over $293 million in Bitcoin.

The capital infusion into Bitcoin by spot ETFs saw prices rise above $72,000 and then $74,000. This breakout attracted retailers who have been buying on every dip since the spike above March highs last week.

While Skew analysts see resistance at around $82,500, the pace of this growth will depend on demand, mainly from traders in Europe and the United States bidding higher.

If this happens and volume increases, Bitcoin could extend its parabolic growth, springing higher after the consolidation and potential accumulation after the swing down from March to August 2024.

Already, Peter Brandt thinks Bitcoin will not only reach $100,000 but spike to $125,000 by the end of the year.

Beyond price action, politics will shape how prices evolve. With Trump in power, the Federal Reserve will continue slashing rates even lower this December and 2025.

Lower rates translate to an economy flush with money, forcing inflation higher. Bitcoin is digital gold; buyers will find tailwinds to sustain the leg up from this status.

Bitcoin and crypto would also likely trend higher because of pro-crypto legislators who were elected in the last election and Trump in the Oval office.

When campaigning, Trump promised to fire Gary Gensler, the United States SEC chair, and replace him with a pro-crypto and innovation appointee.

Additionally, the vocal president-elect plans to establish a crypto framework and possibly add BTC as a strategic reserve.