Bitcoin has established itself as one of the strongest assets in terms of growth, as this token has entered the top 10 assets by market capitalization. Surpassing leading giants like Facebook and Saudi Aramco, as well as traditional assets like silver, Bitcoin has reached the 7th position with nearly $2 trillion in market capitalization. Additionally, this token has recorded the highest increase compared to other assets, indicating that Bitcoin may just be beginning to grow strongly.

Currently, the price of BTC has surged above $97,000, recording an increase of nearly 5% since the start of trading, but the cryptocurrency market remains quite calm. Most altcoins are fading away or maintaining tight consolidation. This suggests that traders and whales have completely focused on Bitcoin, which could help the price maintain a strong upward trend even after reaching the $100,000 mark.

Tether Mints 9B New USDT Tokens

Additionally, one of the main catalysts that could trigger a BTC price surge might be the minting of Tether (USDT). The creation of new USDT is often done to meet demand and also to ensure sufficient liquidity in the ecosystem. According to data from Lookonchain, the Treasury continuously mints new USDT tokens and brings them into the market, which has helped the BTC price rise to this level.

Data shows that the Treasury minted 1 billion USDT tokens a few hours ago and nearly 9 billion tokens since November 8, 2024. This comes after the BTC price recovered from monthly lows below $67,000 and fluctuated between $75,000 and $76,000. Since then, the BTC price has increased by more than 27% with strong volume, raising nearly $90 billion. This proves that the Treasury plays a key role in providing liquidity and facilitating transactions.

Whales continuously accumulate BTC

Another major catalyst driving BTC prices higher is whale activity. Traders tend to track whales, as their activity directly influences market sentiment and ultimately the price. Whales continuously accumulate BTC, and according to data from Lookonchain, this whale has more than 25,000 BTC.

This whale has accumulated over 3200 BTC in the past 2 days and currently holds more than 25,000 BTC worth over $2.13 billion. The silent accumulation by whales is often seen as the most bullish signal compared to any other technical signals on the chart.

If these catalysts have driven the Bitcoin price surge, they may soon disappear as they are not supported by retail traders responsible for maintaining the token's volatility. Therefore, if this is a true breakout, one might expect a pullback below $94,000 to retest, leading to a prolonged increase up to $115,000 before the end of 2024.