Bitcoin Price Surpasses $91K: Will It Cross $100K This Week?
Bitcoin price is currently hovering above $91,000, after a 3% increase in the last 24 hours amid the recovering market after the previous instability. Many investors are hopeful, and given Bitcoin’s current trajectory, some are confident that Bitcoin will break the $100,000 price barrier within a week.
Optimism for the overall macro events has made the overall crypto outlook for Bitcoin’s price very hopeful, and a lot are wanting in on the potential gains.
Global Digital Currency Market Analysis shows that the sentiment is very positive, and the Global crypto market capitalization increased 3% to $3.22 Trillion. Many major altcoins, including Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA), have gained substantial ground this week.
According to the Top 100 crypto assets, Zcash (ZEC) is the overwhelming hero of the week, as it has gained over 10%. It is followed almost perfectly by Canton (CC) and a number of other 6% gainers, including Bittensor (TAO). All of these indicate a large positive sentiment in the market, and the overall crypto outlook are very optimistic.
This Weeks Events That Could Trigger A Bitcoin Bull Run
The first macro event to impact the crypto market this week is the US Federal Reserve interest rate decision and its press conference on Wednesday, December 10, 2023. A 25-bp cut is projected, which tends to be beneficial for risk assets, including crypto.
This week is also the Rural Economic and Agricultural Economic Conferences. Investors will be looking for clues on the US Fed’s monetary stance and the dovish signals that tend to bolster crypto and U.S. equity prices.
Investors will also be looking for the Fed’s stance on future bond purchases. Most banks expect the Fed to purchase bonds and increase market liquidity, which could lead to an increase in crypto and the altcoin market.
Bitcoin is still seeing some outflows after $87.77 million flowed out from Bitcoin ETFs from December 1–5. However, the confidence in the market is strong enough to expect an increase in the price of Bitcoin after the events this week.
Bitcoin’s Target is Predicted at $100K to $124K
Bitcoin is expected to come near to its target of $124k or to $100k due to the positive bullish Bitcoin monthly trend. Bitcoin is reaching $40k, where traders can open long positions, all the while targeting new local maxima above the given asset. After the high of $40,000, Bitcoin retraced a bit toward a trend line and rising channel mid-level.
Bitcoin To $100k BTC is to $1 million, Equity values BTC around $30k, overvalued by convincing us that BTC is a risk asset since it is above the USD fiat. Bposeidon stated that the asset is worth a million where BTC equity 100%, market cap 21%.
Analysts predict that values and target the new higher support at 40k USD will confirm the higher USD support at 40k, USD support confirmed at higher altitude. Technical indicators all current zig-zagging of USD values above 40k support to the anticipated target of 100k signaling a confirmed higher support.
Overall the state of crypto, BTC is bullish where all support levels and technical indicators align to confirm the predicted levels and target of 100k.
