Bitcoin reaches $100,000 milestone for the first time in history

The price of one bitcoin hit $100,000 for the first time Wednesday as demand for the digital currency continued to surge in the wake of an election that saw victories for crypto-friendly candidates led by President-elect Donald Trump.

This milestone pushes Bitcoin’s market cap to $2 trillion and contributes to the broader cryptocurrency market reaching a new all-time high of $3.59 trillion.

Amid rising bullish sentiment in the crypto space, the market is highly anticipating the BTC price to maintain its bullish rally. In this article, we will understand the extent of the possibility of this star crypto achieving this milestone.

Bitcoin (BTC) Price Analysis

The BTC price has soared ~34% during the past 30 days, making November the most bullish month of this year. Moreover, it has recorded increased bullish sentiment, highlighting a significant rise in the buying pressure. With a trading value of over $100,000, it has a valuation of ~$2 Trillion.

btc historic 100k

btc historic 100k

The Relative Strength Index (RSI) continues trading above the overbought range in the daily time frame. This indicates an increase in the buying pressure for the Bitcoin price in the crypto market.

The EMA 50/200-day shows a constant rise in the BTC price chart. This highlights that the price may continue gaining value this week.

Are you curious to know if the Bitcoin price will hit $120,000 this 2024? Read Chattlechain’s Bitcoin Price Prediction to explore the long-term possibilities! Moreover, subscribe to us for the latest crypto updates!

How High Can BTC Price Go?

If the market continues favoring the bulls, the Bitcoin price will head toward its upper high of $110k during the upcoming time. Maintaining the price at that level will set the stage for it to head toward its upper high of $120k.

On the flip side, if the bears outrun the bulls, the BTC price will retest its support level of $90,000. Furthermore, if the bears gain momentum, the largest crypto token may plunge toward its lower support level of $80,000.