Highlights:
- Bitcoin has rallied off minor $88,067 support
- Ongoing rally could push BTC to $100k soon
- A confluence of positive factors, including celebrity hype could trigger more upside
Bitcoin continues its impressive run. In the last 24 hours, Bitcoin has gained by 3.94% and was trading at $91,026.20 when going to press. Volumes are also rising, up by 3.77% in the day to stand at $118.30 billion. With the rising momentum, there is rising optimism that Bitcoin could soon rally to $100k. Several factors support a potential rally for BTC to $100k soon.
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Bitcoin Upgrades Could Boost Adoption
One of the key factors likely to drive Bitcoin higher is the potential for adoption. StarkWare CEO Eli Ben Sasson recently revealed that OP_CAT, a key upgrade to the Bitcoin network is coming in 2025. The conversation took place during the Devcon 2024 conference in Thailand.
This week is all about Bangkok.
Last week was all about shipping and preparing the next big steps of our roadmap.
Here are the key highlights from the past week 👇 pic.twitter.com/FyYiuq6Nfi
— Starknet 🐺🐱 (@Starknet) November 11, 2024
In his speech, Ben Sasson explained how the OP_CAT could transform Bitcoin by allowing it to use functions like covenants, ZK-rollups, layer-2 networks, and more. The development would allow Starknet to become the first layer-2 network to natively settle on Bitcoin and Ethereum, a huge step for blockchain cross-chain interoperability.
The operation code referred to by its short form as OP_CAT combines strings of data and seeks to enhance Bitcoin’s usefulness. Ben Sasson likens this function to attaching a new button to a scientific calculator in that, it allows Bitcoin to perform greater data manipulations. This would assist as well in furthering the goals of Bitcoin as a low-cost payment network by reducing the cost of transactions.
Satoshi Nakamoto, the creator of Bitcoin, incorporated OP_CAT into the code at the beginning. However, it was disabled back in 2010 due to concerns about security risks. Now, with the support of cryptographers, among them Ethan Heilman, a proposal for OP_CAT’s reactivation is underway. If it proves to be successful, Bitcoin could be a strong contender in the world of decentralized finance possibly catching up with Ethereum transactions numbers.
Celebrities Spark FOMO, Pushing Bitcoin Toward $100K BTC Soon
Celebrities are also starting to talk about Bitcoin, a factor that could help drive FOMO. Odell Beckham Jr. is now enjoying the fruits of his audacious financial move for believing in crypto and opting to be paid in bitcoin rather than cash by the Los Angeles Rams in his 2021 contract. Beckham faced lots of backlash after Bitcoin’s price crashed shortly after he bought it. However, Beckham endured and today he is happily announcing it to the world.
A few days back, Beckham addressed his critics on social media after Bitcoin surpassed $90,000. Taking into consideration his 2021 salary of 750k, he is now in profit in the $1 million-plus range. With influential people like Beckham now coming out to show the success of their Bitcoin holdings, a lot of their followers could FOMO in. This, at a time when Bitcoin is in an exponential rally, could see Bitcoin rally to prices above $100k soon.
Soooo who said taking my Rams salary in bitcoin was dumb again? 🤔🤫😌 pic.twitter.com/7ZPJtRm2gG
— Odell Beckham Jr (@obj) November 13, 2024
Republicans Win Control of Legislature Could Lead to Pro-Crypto Laws
The recent elections have enabled the Republican Party to gain majority control of the U.S. House of Representatives as they managed to seize 218 seats. Considering that all 435 House locations were to be contested, the result further ascertained that the Republicans would retain control of Congress allowing for a ‘one voice’ strategy of the party combined with the Senate and the White House.
Such a balance could even help in speeding up the legislative processes in the approaching years. This is especially the case for cryptocurrency-related laws, now that Trump has come out as openly pro-cryptocurrency.
Technical Analysis – BTC Headed for $100K
Bitcoin continues the rally that started recently. After a slight correction on November 12, Bitcoin established support at $88,067, a factor that has opened up the way for more upside for Bitcoin.
Bitcoin rallies from $88,067 support, driven by upgrades and celebrity endorsements, with 100K BTC soon on the horizon. On the flip side, if there is a slight correction in the day, the key level to watch would be the $88,067 support. With the prevailing conditions in the market at the moment, there is a low likelihood of Bitcoin pushing through this support.
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