Bitcoin is steadily making its way towards the coveted $100,000 mark, although its upward momentum has slightly slowed down. Achieving a new record high of $99,500 on Thursday, Bitcoin saw a brief dip below $99,000 as the U.S. market opened. Over the past 24 hours, BTC has experienced a 1% increase, while the broader CoinDesk 20 Index surged by over 7%.
Interestingly, many alternative cryptocurrencies within the CoinDesk 20 Index outperformed Bitcoin, indicating a shift in capital towards smaller and riskier tokens amidst Bitcoin’s slower pace. The $100,000 price level is seen as a significant resistance point, where investors may choose to cash in their profits.
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Despite the potential resistance, there is optimism in the market with predictions of Bitcoin potentially reaching $115,000 by the Christmas holiday. Factors such as the expanding stablecoin supply, increased inflows into exchange-traded funds (ETFs), and bullish options activity surrounding BlackRock’s spot Bitcoin ETF (IBIT) are cited as supportive factors for this bullish outlook, as per a recent note from 10x Research.
