With Bitcoin constantly flexing its muscles in the market, great news is afoot for much encouraging movement in its price. Spot Exchange-Traded Fund (ETF) inflows have soared, with $428.98 million being recorded during the previous trading day and $393 million more by the opening of the current trading day. In the meantime, MicroStrategy now appears on the Nasdaq 100 index—the top tier of equity indexes—guided by its holding of more than $42 billion in BTC and the more than $550 billion worth of ETF assets under management. With this, institutional trust in Bitcoin becomes greater as it marks another important stride toward Bitcoin adoption.
But being able to break and sustain the $100,000 mark is just half the story. The other half, and perhaps the more critical one, involves setting new all-time highs, particularly succeeding in reaching the $110,000 target before the year ends, which is highly significant in rock-solid bullish momentum for Bitcoin. Not only does the milestone signify a strong rally, but it also breeds psychological confidence in investors and further stimulates demand.
Bitcoin is increasingly regaining ground in the crypto world, fueled by MicroStrategy’s new visibility. This can attract a much wider adoption and generate much more buying pressure. Even so, for all these promising factors, Bitcoin has a psychological wall to break, as investors seem never too willing to buy at or near $100,000. Price movements in recent days and the fact that the squeeze on the BTC chart tightens considerably imply that buyers are seriously weak. This may give rise to consolidation at around the $100K level before the pressure builds for a decisive break and prepares the way for a rally into uncharted territory.
What happens if Bitcoin falls short of $100K by year-end?
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Short-term price fluctuations of Bitcoin indicate that bulls are striving hard to sustain the current upward movement. The BTC price is presently wedged inside a symmetrical triangle figure whose future course is open either way despite present volumes holding steady. Currently, Bitcoin is trading around the highly supportive 50-day moving average (MA) level. Meanwhile, the Relative Strength Index (RSI) has been trading within a parallel channel, showing no clear breakout direction.
Considering these conditions, it is likely that Bitcoin will consolidate on the upward path until it reaches the apex of the symmetrical triangle in a week’s time. Bulls seem to have an upper hand over bears, given the fact that selling pressure is yet to offset the rally. This momentum will ramp up Bitcoin to retest the all-time high in about four to five days, which is considered a crucial level of market strength.
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If Bitcoin bulls fend off the bearish pressure, the price could rally beyond the $105,000 mark to almost touching $110,000 before the year’s end. This kind of achievement would be both the public and technical milestones for Bitcoin, entrenching its dominance and setting it up for a powerful 2025.
By contrast, Bitcoin could pull back into a range of around $98,000 if it fails to stay above $100,000. So long as the RSI remains within this range and the 50-day MA acts as support, new ATHs remain in play. However, a year-ending close under $100,000 would not encourage big-market sentiments going into the year and might set a slow start for 2025.
In spite of these risks, the prospect for the entire year of 2025 appears overwhelmingly brighter than dangerous. Bitcoin has always done extremely well in the year immediately after its halving, which will be carried out in early 2024. Even if the rally is
By staying above critical support levels and overcoming psychological barriers, Bitcoin has the potential to close 2024 on a high note, paving the way for continued growth in the years ahead.
