- Bitcoin price is seeing increased traction with a likely breach of $100,000 soon.
- The hype around President Donald Trump’s commitment is driving the Bitcoin boom.
Bitcoin (BTC) has continued to prove itself as the world’s leading digital asset with recent daily spikes. The coin has broken predicted thresholds and is moving closer to the $100,000 milestone. Crypto market participants are now watching to see if the leading coin can reach $100,000 by the weekend.
Can Bitcoin Hit $100K This Weekend?
While $100,000 is an ambitious price spot, analysts have emphasized that the asset’s potential cannot be ignored, considering the positive momentum surrounding the coin. As of this writing, the leading digital asset experienced a 4.5% daily increase to trade at $97,001.
Given the market’s support, CoinCodex predicts that the coin could easily surpass $100,000 to $102,000 by November 24. In a more bullish forecast, the platform claims Bitcoin will reach a new high of $111,000 by mid-December 2024.
“According to our current Bitcoin price prediction, the price of Bitcoin is predicted to rise by 18.43% and reach $111,724 by December 20, 2024,” CoinCodex noted.
The platform highlighted that the Fear and Greed Index registers a figure of 83, firmly placing market sentiment in the “Extreme Greed” zone. The increased trading volume further indicates the enthusiasm surrounding Bitcoin. Within the last 24 hours, the trading volume increased by 19.6% to $90.52 billion.
The ongoing Bitcoin surge follows Donald Trump’s victory in the US Presidential election held on November 5. Bitcoin benefits from expectations that Trump’s new government will herald new crypto trends as he works to establish a pro-crypto cabinet.
CNF predicts that Trump has nominated crypto advocate Howard Lutnick to head the U.S. Department of Commerce. The president-elect is already considering developing an official pro-crypto role with support from the White House, highlighting the Trump administration’s commitment to crypto and Bitcoin.
Also, Trump has pledged to fire US SEC Chair Gary Gensler, as many have accused him of unlawful overreach. The search for a crypto-friendly replacement is underway with Robinhood CLO Dan Gallagher among the options in view. Furthermore, Trump promised to make the US a crypto hub, allowing the domain to operate with full government support.
Influence of BTC Miners
As Bitcoin sets its sights on the next move, some minor on-chain movements suggest a short consolidation phase is on the horizon.
CNF previously reported that Bitcoin miners sold more than 3,000 BTC, valued at about $273 million, in just 48 hours. Miners play a crucial role in Bitcoin’s upward trajectory. Thus, their desire to lock in profits may indicate a time of consolidation is in order. However, some analysts view this behavior as natural, considering Bitcoin’s recent performance.
Bitcoin’s network health remains strong despite short-term selling pressures. Hashrate levels are at an all-time high, indicating that the BTC network is thriving. An increasing hashrate shows excellent network security and increased miners’ competitiveness.
