Bitcoin (BTC) is on a record-breaking run, fueled by a series of bullish catalysts that have reignited investor optimism.
Currently trading above $79,000, after briefly touching $80,000, Bitcoin’s bullish momentum is capturing the attention of traders and analysts alike.
This surge is fueling speculation that the once-distant target of $100,000 may be within reach, supported by strong technical and fundamental drivers
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Technical indicators signal Bitcoin’s next move up
In a TradingView post on November 10, analyst RLinda evaluated various factors that could influence Bitcoin’s next major move.
According to the analyst, the recent breakout above the $76,900 resistance has given the cryptocurrency a powerful boost, lifting it to $79,000.
Now, with the new breakout, Bitcoin’s next major resistance stands at $80,000, a critical level that analysts believe could open the doors to even higher targets, including the much-anticipated $100,000 mark.
Support zones at $75,650, $74,560, and $73,550 remain robust, providing a safety net against potential pullbacks from profit-taking or short-term liquidity dips.
Weekend trading dynamics may lead to minor pullbacks, however, any dips to these support levels could present attractive buying opportunities for bullish investors.
More bullish projections
Adding to the positive outlook, former Glassnode lead analyst James Check noted that, despite Bitcoin reaching new all-time highs, it hasn’t moved significantly above its 200-day moving average (DMA).
The analyst also noted that the Mayer Multiple Z-Score currently hovers just above 0, suggesting that Bitcoin’s price remains close to its long-term average, a promising signal for further upside potential.
Political and economic shifts fuel Bitcoin’s rise
The 2024 U.S. presidential election outcome, with Donald Trump reclaiming office, has sent positive ripples through the cryptocurrency market.
Trump’s vow to replace the current SEC head with a more crypto-friendly figure adds another layer of optimism, as many in the crypto community anticipate regulatory shifts that could further benefit digital assets.
At the same time, the Federal Reserve’s decision to cut interest rates by 25 basis points has added fuel to Bitcoin’s rally.
Lower rates traditionally drive investors toward alternative assets as the dollar weakens, positioning Bitcoin as a hedge against inflation and economic uncertainty.
This combination of political and economic catalysts has created a perfect storm for Bitcoin, pushing it past resistance levels and reigniting market enthusiasm.
The road to $100,000
At press time, Bitcoin was trading at $79,899, reflecting a gain of over 4% in the past 24 hours.
Bitcoin’s path to $100,000 is supported by strong fundamental and technical factors, with growing discussions on its potential as a strategic reserve asset and favorable macroeconomic conditions.
Institutional interest remains high, with BlackRock’s iShares Bitcoin ETF (IBIT) registering significant trading volume this week. As retail demand also rises, the $100,000 target is shifting from speculation to a realistic goal.
Featured image via Shutterstock
