Bitcoin stunned the crypto world with a sudden 3.58% surge, climbing to an impressive $106,533. While the move caught many off guard, some analysts credit the 20-day Moving Average for playing a pivotal role. This unexpected rise has reignited discussions about a potential Christmas rally.
Several factors contribute to this momentum, including a growing number of wallet addresses holding over 100 BTC, a clear sign of rising market confidence.
Michael Saylor’s MicroStrategy has officially joined the Nasdaq 100 index, marking a significant milestone for cryptocurrency adoption. The company holds an astounding 423,650 BTC, valued at $44.58 billion, and its inclusion in the index could attract new investments from index funds.
This development might trigger a ripple effect: more investors buying MicroStrategy shares could lead to further Bitcoin acquisitions by the company. MicroStrategy has consistently added to its Bitcoin holdings every Monday, and another round of buying is expected soon. This could place additional upward pressure on Bitcoin’s price.
As Donald Trump gears up for a potential return to the White House in January, the crypto community is abuzz with speculation about his plans for Bitcoin. Trump has hinted at creating a strategic Bitcoin reserve, although details remain unclear. Even so, the possibility of a pro-crypto president has already sparked excitement.
If Trump delivers on his promises to support the crypto industry, it could be a game-changer, benefiting Bitcoin and the broader cryptocurrency ecosystem. A favorable regulatory environment under his leadership could pave the way for increased institutional adoption and innovation.
Let’s explore the charts for a while to see what is happening there. Bitcoin creating another ATH and staying above $100k is a great achievement. The industry is watching closely if it can stay above that mark. If the current momentum stays, we could see $110,000 around christmas. This road is not free from risks.
RSI on a weekly chart is at 77, which is the overbought zone. If the rally has to continue, the price either needs a consolidation or a correction before further movement. However, a sudden rise in buy can do the deed. With this happening we might see $120k by the end of 2024.
Looking ahead, it seems like Bitcoin’s momentum could continue, especially with all the factors at play—like MicroStrategy’s consistent buying and the potential pro-Bitcoin policies under Trump. But don’t forget, there’s also the Federal Open Market Committee (FOMC) meeting coming up, which could create some bumps in the road. Still, with the way things are shaping up, it’s hard not to feel optimistic about where Bitcoin’s price might go next.
Amid increased whale activity and adoption, the price of Bitcoin token has achieved a new ATH of $106,488.25 during the early Asian trading hours today.
With strong momentum, Bitcoin could hit $110k by Christmas, but risks like RSI levels suggest consolidation or a correction may occur first.
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