Bitcoin tops $98,000 as rally gains momentum
- Bitcoin has jumped to $98,370, its highest-ever price as bulls target $100,000.
- The flagship cryptocurrency has rallied higher since Donald Trumps re-election on Nov. 5
Bitcoins march towards $100,000 continued Thursday as the benchmark crypto asset broke past $98,000 for the first time ever.
Having hit $97k earlier in the day, BTC showed no mercy to the bears as its price stormed to a record high of $98,370 on Coinbase. At the time of writing, the cryptocurrency traded higher by 5.5% in 24 hours, pushing the assets market cap to above $1.94 trillion.
Analysts: parabolic phase begins after Bitcoin breaks $100k
Market conditions, helped by the demand for spot Bitcoin ETFs and the just launched ETF options, are suggesting the digital assets value is poised for a major breakout above $100k. Analyst Ali Martinez shared the chart below suggesting a bull flag pattern breakout.
#Bitcoin $BTC could reach $100,000 today as it appears to be breaking out of a bull flag on the lower timeframes. pic.twitter.com/UKKcXilHO4
Ali (@ali_charts) November 21, 2024
Overall, Bitcoin price has jumped more than 30% in two weeks and by more than 46% in the past month. Notably, the worlds largest cryptocurrency has been on a tear since early November, when it began to rise as the US election neared.
On Nov. 5, BTC broke above $69,000 amid projections for a Donald Trump win. The decisive results only fueled bulls further, with the president-elects pro-crypto stance adding to the optimism.
In recent days, its Trumps picks for his cabinet that have fueled fresh belief that the US crypto space is set for a complete flip from the last four years outlook.
With interest in BTC just getting onto the mainstream stage, analysts are saying the big FOMO begins when Bitcoin breaks out above $100k.
Bitcoin has a parabolic phase once every 4 years. The parabolic phase starts after $100K. pic.twitter.com/YJUcvVo6Gh
Charles Edwards (@caprioleio) November 21, 2024
Read more: Donald Trumps transition team considering first-ever White House crypto office
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