BITCOIN $BTC could surpass 100,000 dollars, analysts say
According to Juan Pellicer, senior researcher at IntoTheBlock, December will be bullish for Bitcoin. This bullish bias will be driven by "unprecedented institutional demand through Bitcoin ETF inflows," which will push the price of BTC above 100,000 dollars.
"We are observing a highly bullish scenario for Bitcoin as we approach December, mainly driven by unprecedented institutional demand through Bitcoin ETF inflows. This increase in institutional participation, along with a notable relief from macroeconomic pressures, positions BTC favorably for a breakout of 100K dollars. The current market structure suggests strong accumulation phases," the analyst told BeInCrypto.
Interestingly, BTC ETFs have recorded net outflows this week for the first time in two months. According to SoSoValue, outflows from these funds have totaled 458 million dollars. This decline comes after a significant drop in the price of BTC, which saw it trading as low as 92,000 dollars earlier this week.
