Highlights:
- Analysts expect Bitcoin to hit $100K soon as strong institutional demand and investor FOMO fuel the price surge.
- The rapid growth of Bitcoin ETFs is making the cryptocurrency more accessible to institutional investors.
- Experts predict Bitcoin could eventually reach $13 million, driven by increasing adoption and market influence.
Bitcoin is on the verge of breaking the $100,000 barrier anytime and many analysts predict it could happen any day next week. Bitcoin price has steadily climbed in the past week, reaching an ATH of $99,605 on November 22. Increased FOMO (Fear Of Missing Out) for institutional investors and more general demand is driving the recent surge in price. At press time, the price of Bitcoin is at $97,621 with a 7.39% gain in the past 7 days.
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Technical indicators show that the upward movement is still ongoing. The 50-day moving average is above the 200-day moving average, signaling a bullish golden cross. This pattern implies that Bitcoin will continue its upward momentum. The Relative Strength Index (RSI) is at 58 and indicates strong buying activity.
The MACD line is above the signal line, indicating sustained positive momentum. The Fear and Greed Index is also in the greed zone at 86. This is driven by high investor optimism and FOMO that continues to drive the price up for Bitcoin.
Institutional Adoption Drives Bitcoin’s Rise
Strong institutional adoption and the growing influence of Bitcoin ETFs are driving the rise of Bitcoin. MicroStrategy is leading by recently completing a $3 billion notes offering to expand its Bitcoin holdings. This move brought the company’s total Bitcoin holdings to over 124,000. According to Michael Saylor, the company has made over $5.4 billion in BTC gains and they are making more than $500 million a day.
Michael Saylor : “Over the last two weeks, we’ve generated $5.4 billion in $BTC gains, we’re making $500 million a day.” pic.twitter.com/LYuCq3M0GL
— cryptothedoggy (@cryptothedoggy) November 24, 2024
Corporations like Cosmos Health are adding Bitcoin and Ethereum as treasury reserve assets hence increasing interest. Acurx Pharmaceuticals and Hoth Therapeutics have also invested in Bitcoin to diversify their portfolios.
President-elect Donald Trump has appointed Howard Lutnick Secretary of Commerce. Lutnick is known for his support of cryptocurrencies and for managing Tether’s assets. Howard is expected to drive the growth of crypto in the traditional finance market. The FOMO is partly driven by the recent announcement of Gary Gensler stepping down. Trump is expected to appoint a pro-crypto chair, which is expected to change the SEC’s regulatory approach.
The Bitcoin ETF market has also witnessed huge growth. Investors added over $3 billion in net inflows to Bitcoin ETFs over the past week. Investment in these funds attracts institutional investors and adds to the demand for Bitcoin.
Bold Bitcoin Predictions by Prominent Figures
With $100,000 around the corner, prominent people have made very bold predictions about Bitcoin’s future price. Ark Invest CEO Cathie Wood predicts Bitcoin will reach $1.5 million by 2030.
She has highlighted increasing institutional adoption as a key factor. CEO of MicroStrategy, Michael Saylor, has made a bigger prediction of Bitcoin’s success when hyperinflation occurs, forecasting that Bitcoin could hit $13 million. The predictions also show the increased influence that Bitcoin is beginning to play in the world economy.
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