This Thursday, the price of Bitcoin established a new all-time high (ATH) and investors believe it will reach $100K in a few hours. The leading Cryptocurrency experienced a strong rally that allowed it to touch $98,373 per unit. At the time of writing this note, the token remains with notable bullish strength.
According to data from the CoinMarketCap portal, the performance of BTC is +3.3% within 24 hours. Furthermore, this explosive momentum leaves the rest of the market behind, which cannot seem to keep up with Bitcoin. For example, the ratio between ETH and BTC is the lowest since 2021. It marks 23.88% in favor of BTC within 30 days.
The driving force behind this rally is probably the positive numbers of the artificial intelligence giant, Nvidia. At the close of business on Wednesday, this company published its earnings for the third quarter of 2024. As reflected in the company’s report, the numbers exceeded all estimates.
According to experts, being the most valuable company in the world in market capitalization, its financial health has more weight than the decisions of the FOMC. Whether this is an exaggeration or not, the truth of the matter is that the continuation of the AI era becomes a negative trend for all financial markets, including cryptocurrency.
Bitcoin price established new ATH this Thursday and is approaching $100,000. Source: CoinMarketCap
Is Bitcoin Price Ready for $100K?
Considering the current context, the fact that the price of Bitcoin will reach $100,000 per coin seems beyond doubt. With this, the predictions of those who seemed most optimistic at the beginning of the year are fulfilled. Among those who never lost their faith is evangelist Michael Saylor.
This businessman stated a few days ago that it would be a surprise if BTC does not reach $100K before the end of the year. The accelerated purchases of coins by Saylor’s company, MicroStrategy, reflect confidence that the rally is just beginning.
2025 is expected to be the year of the big jump for crypto market prices in general. In that sense, recent massive corporate purchases hint that companies like MicroStrategy, Marathon, and Metaplanet consider the coin’s price to remain low.
Meanwhile, capital continues to flow into Bitcoin spot ETFs on the stock market. According to data from the Trading Different portal, $1.79 billion dollars have flowed into these investment instruments so far this week. As expected, among these the BlackRock ETF, IBIT, stands out, which accumulates the vast majority of these income streams.
In any case, the conditions seem set for the price of Bitcoin to reach the $100,000 milestone. This is a goal that enthusiasts have been waiting for since the 2021 bull run.
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