This Thursday, the price of Bitcoin set a new all-time high (ATH) and investors believe it will reach $100K in a few hours. The leading cryptocurrency experienced a strong rally that allowed it to touch $98,373 per unit. At the time of writing this note, the token remains with notable bullish strength.
According to data from the CoinMarketCap portal , BTC's performance is +3.3% over a 24-hour period. In addition, this explosive momentum leaves the rest of the market behind, which seems unable to keep up with Bitcoin. For example, the ratio between ETH and BTC is the lowest since 2021. It marks 23.88% in favor of BTC over a 30-day period.
The driving force behind this rally is probably the positive numbers from the artificial intelligence giant Nvidia. At the close of trading on Wednesday, the company published its earnings for the third quarter of 2024. As reflected in the company's report, the numbers surpassed all estimates.
According to experts, as the most valuable company in the world by market capitalization, its financial health outweighs the decisions of the FOMC. Whether this is an exaggeration or not, the fact of the matter is that the continuation of the AI era becomes a negative trend for all financial markets, including the cryptocurrency market.
Is Bitcoin Price Ready for $100K?
Given the current context, it seems beyond doubt that the price of Bitcoin will reach $100,000 per coin. This is the prediction of those who seemed most optimistic at the beginning of the year. Among those who never lost faith is evangelist Michael Saylor.
The entrepreneur said a few days ago that it would be a surprise if BTC did not reach $100K before the end of the year. The accelerated purchases of coins by Saylor's company, MicroStrategy, reflect the confidence that the rally is just beginning.
2025 is expected to be the year of the big jump for crypto market prices in general. In that sense, recent massive corporate purchases hint that companies like MicroStrategy, Marathon and Metaplanet believe the price of the coin is still low.
Meanwhile, capital continues to flow into Bitcoin spot ETFs on the stock exchange. According to data from the Trading Different portal , $1.79 billion dollars have flowed into these investment instruments so far this week. As expected, BlackRock's IBIT ETF stands out among these, accumulating the vast majority of these income streams.
In any case, the conditions seem to be in place for the price of Bitcoin to reach the $100,000 milestone. This is a goal that enthusiasts have been hoping for since the bull run of 2021.
