- BTC crossed the $100K and hit an ATH of $104K.
- Analysts predicted BTC may soar past $110K, however a pullback to $85K was additionally doubtless.
On the fifth of December, within the early Asia session, Bitcoin [BTC] crossed the $100K milestone, doubtless pushed by a latest remark by Fed chair Jerome Powell.
In an interview with the New York Occasions, Powell stated that BTC is a competitor to gold and never the U.S. greenback. He acknowledged,
“People use Bitcoin as a speculative asset; it’s like gold, but virtual. It’s not a competitor to the dollar but to gold.”
Just a few hours after Powell’s remark, BTC surged from $97K to a brand new all-time excessive of $104K, bringing its positive factors to over 50% because the November U.S. elections.
Supply: BTC/USDT, TradingView
What’s subsequent for BTC?
Commenting on the identical, SwissBlock, a crypto analysis agency, acknowledged that Powell’s impression was a shock however an excellent welcome for the digital asset. The agency acknowledged,
“It’s a Happy $100K! Definitely, Fed Chairman Jerome Powell pumping Bitcoin wasn’t on our bingo card. Our next short-term target? $105K.”
On his half, Arthur Azizov, CEO of B2BINPAY, an all-in-one crypto ecosystem for enterprise, instructed AMBCrypto that the pump was linked to Trump’s nomination of pro-crypto Paul Atkins as SEC chair.
Azizov added that BTC might consolidate at $100K earlier than a pullback to $85K.
“I believe Bitcoin’s price will consolidate around $100,000 before retracing to five-digit levels, potentially settling near $85,000 in the following months.”
Crypto analysis agency Presto Analysis additionally cautioned that the rally may appeal to profit-taking.
Nevertheless, the analysis agency additionally famous that the $100K may appeal to extra demand from institutional buyers.
“We believe there is more room for a rally, as there must be some demand waiting for BTC to break 100k, which will capture more public attention.”
Now, what are BTC’s subsequent key ranges?
CryptoQuant’s Ki Younger Ju projected that, primarily based on the realized cap worth band, BTC may eye $146K as a cycle prime and $112K because the end-year goal.
Supply: CryptoQuant
