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Bitcoin has recently reached an all-time high (ATH) of $99,595, fueling optimism that the $100,000 mark is within reach. However, volatility has kept Bitcoin from breaching this psychological barrier.
Despite this, Bitcoin ETFs have seen record inflows, suggesting that a push toward $100,000 is imminent, with institutional support playing a crucial role.
Bitcoin ETFs Are Driving the Rally
In November, Bitcoin ETFs recorded $6.1 billion in inflows, the highest monthly influx since the launch of spot Bitcoin ETFs in January. This surge indicates that investors are becoming more comfortable with the asset, preferring the security of regulated ETFs over direct Bitcoin purchases. With growing institutional interest, it’s likely that this trend will continue into December, potentially propelling Bitcoin to new heights.
The significant inflows show that many investors are flocking to Bitcoin ETFs as a safer way to gain exposure to the cryptocurrency. As more institutional money flows into the market, Bitcoin could see increased stability, boosting confidence in its long-term prospects. This positive market sentiment could set the stage for another rally as the year ends.
Bitcoin ETFs Monthly Netflows. Source: Glassnode
Analyst Rekt Capital placed the target for Bitcoin at $100,068 as the crypto king continues to show signs of impending rise. The analyst noted that BTC just completed a retest of the lower high and will likely aim for consolidation.
“[BTC] Needs to Daily Close back inside the Bull Flag to ensure that price won’t go for another retest and instead will resynchronise with Bull Flag consolidation,” Rekt Capital stated.
Bitcoin Price Target. Source: Rekt Capital
BTC Price Prediction: More Highs Ahead
Bitcoin is currently trading at $94,940, with support forming around this range. The critical support level for BTC is at $89,800, and a drop to this level is unlikely, given the current bullish momentum. If Bitcoin can sustain this support, it’s poised for further price increases in the coming weeks.
If the bullish momentum continues to gain strength, Bitcoin could break the $100,000 barrier, setting a new ATH. This level has long been viewed as a psychological milestone, and breaching it would mark a significant achievement in Bitcoin’s price history. The influx of ETF investments could be the catalyst needed to drive Bitcoin past this threshold.
Bitcoin Price Analysis. Source: TradingView
However, if Bitcoin fails to push past $100,000 and begins to lose momentum, a decline is likely. A failure to maintain the upward trend could lead to a price pullback, bringing Bitcoin closer to the $89,800 support. This would also potentially invalidate the bullish outlook.
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