Quick Facts

Institutional investment: Large investors, including hedge funds, family offices, and pension funds, have begun to allocate a portion of their portfolios to Bitcoin.
Mainstream adoption: Bitcoin is becoming more mainstream, with major companies like Tesla, MicroStrategy, and Square announcing significant investments in the cryptocurrency.
Limited supply: The total supply of Bitcoin is capped at 21 million, ensuring that as demand increases, the price will continue to appreciate.

Bitcoin’s Epic Run: Can Bulls Hold the Key Level to Reach $100,000 by Thanksgiving?

The Bitcoin price has been making headlines lately, with its recent surge to new all-time highs leaving investors wondering what’s next for the cryptocurrency. As the market consolidates and digest its recent gains, BTC price analysis is crucial to understanding the potential trajectory of this epic run.

A Long-Term Bull Run

Bitcoin’s price has been on a tear, with its market capitalization now exceeding $2 trillion. This is a significant milestone, considering the cryptocurrency’s humble beginnings in 2009.

The past decade has seen Bitcoin’s price fluctuate wildly, but since 2020, it has been consistently making new highs. The current bull run is fueled by a combination of factors, including:

Institutional investment, mainstream adoption, and limited supply have contributed significantly to the cryptocurrency’s growth.

Consolidation and Support Levels

As Bitcoin’s price consolidates after its recent surge, it’s essential to identify key support levels that bulls must hold to maintain the upward momentum.

The first key support level is the recent high of $63,000. This level has been tested several times, and its holds have been met with increased buying pressure. If the price were to break below this level, it could trigger a minor correction, but the underlying bullish trend would likely remain intact.

The second key support level is the 200-day moving average (MA), currently situated around $50,000. This level has been a reliable Buy Zone for Bitcoin in the past, and if bulls can maintain the price above it, it will provide a cushion for any potential downturns.

The Next Leg Up: $100,000 by Thanksgiving?

So, can bulls hold the key level and propel Bitcoin to a staggering $100,000 by Thanksgiving?

Institutional investment is expected to continue driving the price higher, as more investors seek to allocate a portion of their portfolios to the cryptocurrency. Mainstream adoption will also remain a key factor, with more companies likely to announce significant investments in Bitcoin.

Technically, the upward momentum is evidenced by the Moving Average Convergence Divergence (MACD) indicator, which has been trending upwards since the beginning of the year. Additionally, the Relative Strength Index (RSI) is currently in overbought territory, indicating that the price may be due for a minor correction before continuing its upward trajectory.

However, if bulls can hold the key level of the 200-day MA and maintain the price above the recent high of $63,000, the stage will be set for the next leg up to $100,000. This level is not unrealistic, considering the current momentum and the increasing perception of Bitcoin as a store of value.

Bitcoin’s Upswing May Reach $100,000 by Thanksgiving as Bulls Defend Critical Support Level