Analysts are patiently monitoring Bitcoin's price at $100,000, a crucial psychological milestone. However, reaching $100K is not easy, as Bitcoin's price surpassed $99,000 on November 22 but then fell back to around $96,000-$98,000.
Daily BTC price chart | Source: TradingView
On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) reached $100,200 for the second time within seven days, prompting analysts to predict that the spot price may soon reach this level.
Although the price of Bitcoin futures is rising, Bitcoin's dominance is declining. On November 30, 2024, Bitcoin's dominance rate dropped to 56.1%. This indicates that Bitcoin investors are taking profits and shifting towards altcoins, potentially signaling the start of altcoin season.
Raoul Pal, CEO of Global Macro Investor, recently predicted that Bitcoin will reach a local peak of $110,000 before the end of January 2025. He also forecasts that the price of Bitcoin will peak by the end of 2025.
Analyst Samson Mow also believes that the price level of $100,000 could be the point where the “Omega Candle” appears. Mow's “Omega Candle,” also known as the “God Candle,” refers to the extremely rapid price increase of Bitcoin, which could propel Bitcoin to $1 million or higher per coin.
According to Mow, the price of Bitcoin could rise by up to $10,000 per day during the Omega Candle period as countries, institutions, and retail investors flock to Bitcoin to own a piece.
