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You are at:Home » Bitcoin Reaches $81,000 Driven by Strong Political and Institutional Support – Will $100,000 Be Next?
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Bitcoin Reaches $81,000 Driven by Strong Political and Institutional Support – Will $100,000 Be Next?

Supported by favorable political moves, and major institutional buys, BTC is predicted to climb to $100,000 by year-end. Explore the key drivers, technical analysis, and levels to watch in this market rally.
Arun ShakyawarBy Arun ShakyawarNovember 10, 2024No Comments3 Mins Read
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Bitcoin Reaches $81,000 Driven by Strong Political and Institutional Support – Will $100,000 Be Next
Bitcoin Reaches $81,000 Driven by Strong Political and Institutional Support – Will $100,000 Be Next
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Bitcoin price today crossed $81,000, marking a new all-time high. This surge has led to a cumulative weekly gain of over 19%.

At the time of writing, Bitcoin was trading at $80,910 with an intraday high of $81,012 and a low of $76,097. This upward momentum is attributed to several factors:

  • Political Factors: The recent U.S. presidential election, resulting in Donald Trump’s victory, has been perceived positively by the crypto market. Trump’s pro-crypto stance and proposed policies, such as establishing a U.S. Bitcoin reserve, have bolstered investor confidence.
  • Regulatory Developments: The approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has opened new avenues for investment, potentially driving further price appreciation.
  • Institutional Investment: Major financial institutions, including BlackRock, have increased their Bitcoin holdings. BlackRock’s iShares Bitcoin Trust has accumulated over 257,000 BTC, valued at approximately $16.9 billion, indicating sustained institutional demand.
Bitcoin was trading at $80,910 with an intraday high of $81,012 and a low of $76,097
Bitcoin was trading at $80,910 with an intraday high of $81,012 and a low of $76,097. Source: CoinMarketCap

Analysts are optimistic about Bitcoin price reaching $100,000 by Dec 2024

  • Standard Chartered: The bank reiterated its forecast that Bitcoin is on track to hit $100,000 by the end of 2024, citing increased dominance in the crypto space and reduced selling by miners.
  • 10x Research: The firm predicts that Bitcoin may reach $100,000 by January 2025, driven by institutional interest, market signals, and Bitcoin’s dominance.

Technical analysis suggests that Bitcoin’s recent breakout above the $76,900 resistance level has provided a strong boost, with the next major resistance at $81,000. If BTC sustains above $81,000, there’s a belief it could continue its ascent towards $100,000 mark.

Given the current market dynamics, institutional investments, favorable regulatory developments, and positive political factors, Bitcoin appears well-positioned to reach or exceed $100,000 by the end of 2024.

Key Levels to Watch

Immediate support for Bitcoin (BTC) is noted around $76,500. A sustained break below this could indicate a local top has been formed.

Resistance levels have been identified at approximately $81,000 and $83,000, where the price is nearing an upward channel resistance. This alignment also coincides with Fibonacci extension levels suggesting potential resistance.

A correction to the $75,000 – $76,000 is possible if the price does not extend beyond the current Fibonacci level at 1.65, which aligns with the $81,000 target.

Read Also: Ethereum Surges to $3100, Bullish Momentum and Institutional Backing Drive Growth

Disclaimer: Information provided on AlexaBlockchain is for informational purposes only and not financial advice. Crypto investments, including ICOs, IDOs, presales, and other token offerings, are highly risky. You are responsible for conducting your own research (DYOR) before making any financial commitments. Take professional advice before making any investment. Read complete disclaimer here.

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Arun Shakyawar
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Arun Shakyawar is a Tech writer based out of Los Angeles. He holds an Engineering degree in Electronics and communications, and an MBA in marketing. He specializes in TMT. Before writing full-time, Arun worked as a management consultant with leading consulting firms. As a consultant he developed interest in blockchain technology, and now actively tracks blockchain and digital asset markets. Arun can be reached at arun@alexablockchain.com.

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