Bitcoin Price Prediction: What Comes Next After Breaking $100,000?

Bitcoin just hit $100,000, and the crypto world is celebrating one of the industry’s biggest milestone. 

Thanks to positivity around regulations, big institutions jumping on board, and ETFs pouring in like they’re at an all-you-can-eat buffet, the largest digital asset was able to smash through the long-awaited milestone.

Bitcoin Price Prediction: Next Target at $125,000

Bitcoin’s road to $100,000 is a milestone that began back in 2009 when it had no real value. By 2010, it was worth less than $0.10, hit $1 in 2011, and briefly spiked to $30 before crashing back to $2.

In 2012, Bitcoin’s first halving fueled a rally, pushing it to $1,000 by 2013. After dropping to $200 in 2015, it began to stabilize, setting the stage for 2017, when it soared to nearly $20,000 before crashing again during the "crypto winter" of 2018.

Recovery started in 2019, and despite the pandemic slump in 2020, Bitcoin ended that year near $29,000. It hit new highs in 2021, peaking at $69,000, only to face setbacks in 2022 before bouncing back above $40,000 in 2023.

If Bitcoin keeps climbing, it might push toward $113,147, based on its Fibonacci extension level from the recent low of $66,835 to the high of $113,147. Breaking past that could set the stage for a move to the big $125K mark.

However, the daily RSI is at 72, meaning it’s in overbought territory. This suggests a price pullback could be coming, so traders should be careful about adding more long positions. That said, the RSI is still pointing up, leaving room for the rally to continue a bit longer.

$100,000 is like the Bitcoin Community’s Super Bowl

This bull market kicked off after Donald Trump’s election win.

Only a year ago, Bitcoin was trading at $42,000, and by March, it blew past its 2021 peak after the SEC gave Bitcoin ETFs a big thumbs up. 

The cryptocurrency hit $75,000 before the election, but once the ballots were counted, Bitcoin strapped on a jetpack and shot straight to six figures. 

By early November, it was apparent that Bitcoin’s $100,000 moment was practically knocking on the door. Sure, Trump’s re-election brought regulatory optimism, but that wasn’t the only thing hyping up nvestors.

MicroStrategy scooped up over $6.6 billion worth of BTC in November, cementing its crown as Bitcoin’s biggest institutional investor. Marathon Digital wasn’t far behind, announcing plans to bulk up their Bitcoin stash too.

Meanwhile, whales and long-term HODLers kept Bitcoin’s momentum strong, like pushing a snowball downhill. 

And a look at the Crypto Fear and Greed Index, It’s screaming "greed," with most folks betting the rocket isn’t out of fuel yet and ready to go on a shopping spree for more BTC.

Institutional Investors Are a Big Deal for Bitcoin Right Now

CryptoQuant’s latest weekly report paints a picture of 2024 as the year institutional investors went all-in on Bitcoin. The SEC approved Bitcoin ETFs in January, and since then, it’s been a corporate feeding frenzy. 

ETF issuers are a big part of this story. 

By late October, they were snapping up BTC at five times the global hash rate. BlackRock alone has snagged over $500,000 worth of Bitcoin and dropped a cool $1 billion just this week, as per insights from Arkham. In other terms, the Bitcoin ETF market is absolutely on fire.

But wait, there’s more. 

Analysts say it’s not just the ETFs. Sure, they give big players a convenient Bitcoin shortcut and a stamp of approval. But plenty of companies are skipping the middleman and buying Bitcoin directly. 

According to CryptoQuant, these significant purchases are enhancing Bitcoin’s liquidity, stability, and credibility. As such, the trend has proven highly advantageous for exchanges and other industry firms.

Additionally, the report highlighted several instances of institutional adoption of Bitcoin in 2024. 

However, it is notable that the asset’s technical capabilities have received relatively little attention. The onchain analytics platform acknowledged that the Runes protocol contributed to heightened interest in certain sectors, though its overall impact on the broader market remains minimal.

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