Originally published on: December 03, 2024
Bitcoin’s recent bullish momentum, attributed to the so-called ‘Trump trade,’ might be taking a breather until the cryptocurrency can surpass the crucial $98,000 resistance level.
After multiple failed attempts to break through the $96,000 mark, Bitcoin saw a decline to $94,812 as of 11:39 am UTC on Dec. 3. This price action suggests that Bitcoin’s next significant move may hinge on its ability to breach the $98,000 resistance level.
According to crypto trader Michaël van de Poppe, Bitcoin is likely to remain range-bound until it can establish a sustained rally beyond $98,000. Analysts have previously linked Bitcoin’s price movement to factors such as the outcome of the 2024 US presidential election, but ultimately, fundamental macroeconomic conditions will dictate the cryptocurrency’s trajectory.
Despite failing to surpass $100,000 in November, Bitcoin continues to attract interest from investors eyeing six-figure valuations. Analysts predict that Bitcoin could potentially reach $110,000 in the near future based on various indicators such as the GMI Total Liquidity Index.
While analysts remain optimistic about Bitcoin’s long-term prospects, short-term holders have also shown confidence in the cryptocurrency by refraining from significant sell-offs. This behavior is seen as a positive indicator for Bitcoin’s price trajectory in the short term.
Looking ahead, Bitcoin may benefit from a potential $2 trillion influx of investments in 2025, representing a significant opportunity for price appreciation. With increasing interest from both retail and institutional investors, Bitcoin’s journey to new all-time highs seems increasingly plausible.
Don’t miss out on the latest developments in the world of cryptocurrency and decentralized finance. Subscribe to the Finance Redefined newsletter for exclusive insights and analysis delivered straight to your inbox every Friday. Stay informed and make informed decisions with confidence. Subscribe now to join our growing community of savvy investors.
