After dipping over 10% to $91,000 from all-time high, Bitcoin price has now again started to showing strong pullback towards $10,000 mark. With this reversal, analysts are predicting that BTC price will once again approach $100,000 this weekend.
According to Coinmarketcap data, Bitcoin is currently trading near $97,400 – merely 2% away from hitting the target.
The stakes are particularly high this time with improved bullish sentiment across the crypto market. The continually surging volume in spot Bitcoin ETFs have also fueled speculation for a major move in BTC price, allowing traders to leverage for the next move.
Adding to the bullish sentiment, the broader market dynamics are also now in favour as Donald Trump keeps on sharing his optimistic moves regarding the crypto policies. Global equities have been also showing strength, with Europe’s Stoxx 600 index climbing amid optimism even as U.S. markets slowed for Thanksgiving.
However, analysts have noted increased selling pressure from long-term Bitcoin holders, which has added to supply and capped upward momentum.
On the other hand, bullish voices remain optimistic with on-chain data suggesting supply shortages which could create a “perfect storm” for Bitcoin’s price to break out. Moreover, institutional investments during the holiday season could further tip the scales, with analysts seeing this as a possible catalyst for a six-figure Bitcoin.
As Bitcoin teeters on the edge of this milestone, the weekend’s trading activity will be crucial. Will it finally break through, or will history repeat itself with another near-miss? Traders and enthusiasts alike are eagerly watching as Bitcoin continues its volatile yet fascinating journey toward six figures.
