Bitcoin Price Prediction: When Will BTC Hit $100K?

Summary:
• Bitcoin price came within touching distance of $90k on Tuesday, and it now needs to gain less than half its gains last week to hit $100k.

Bitcoin price extended its hot streak on Tuesday, coming within touching distance of the $90,000 mark. The crypto market bellwether was up by 0.4 percent on the daily chart, having hit a high of $89,983. Bitcoin has broken its all-time highs multiple times in the last week, and rose by 10.3 percent on Monday, its largest daily gain in four months.

Previously, talk of Bitcoin price reaching the $100k mark was seen as farfetched and wishful thinking. However, the current market sentiment could see it explode past that mark with much ease. Bitcoin gained 31 percent in the last week, and it needs to achieve less than half of that figure this week to hit the six-digit price.

With US President-elect Donald Trump yet to make announcements on crypto industry regulation, the upside potential for Bitcoin price could be explosive. A shake-up of the Securities and Exchange Commission (SEC) is the big news everyone in the crypto ecosystem is waiting for. On the downside, however, Bitcoin price is deep inside the overbought territory, with the daily RSI reading at 83 as of this writing.

On the other hand, blockchain analytics site IntoTheBlock reports that 71 percent of BTC holders have been holding their Bitcoin for more than 1 year, and 100 percent of holders are “In the Money.” This underlines a strong bullish traction that could provide the propulsion to $100k.

Institutional purchases is also likely to grow in the coming days, which could help speed up the move to $100k. In the latest development, Microstrategy just revealed that it bought $2 billion worth of BTC at $74,463, raising its total holdings to about $23 billion.

Bitcoin price prediction

Bitcoin price pivots at 89,415, and the bulls will be in control if the action stays above that level. With the buyers in control, the asset is likely to move higher and encounter the first resistance at 90,156. However, a stronger upward momentum could break above that level and test 90,156.

Conversely, a move below 89,415 will favour the sellers to be in control. With that, the first support is likely to come at 88,590. However, an extended control by the sellers could break below that level and invalidate the upside narrative. Also, the resulting momentum could see the second support come at 87,893.