Indeed, the Bitcoin price rally remains rigid in approach of the coveted 6 figure valuation, with today adding yet another 4.44%, propelling the week’s gains to 7.72%.
The final quarter of the year appears to be playing to historical trends, with Bitcoin traditionally seeing the brunt of its gains in the final two months. November alone has brought a 45.85% increase so far.
Interest in Bitcoin isn’t limited to institutions, though. The asset has experienced an 18.5% rise in trading volume today, reaching a total of $91 billion.
MicroStrategy Flips ‘Magnificent 7’ With Bitcoin Buy Ramp-Up
MicroStrategy recorded volumes of $33.27 billion, trailing only artificial intelligence (AI) juggernaut Nvidia Corp. NVDA, at one point flipping Nvidia’s trading volume.
The Michael Saylor-led firm surpassed all other members of the “Magnificent 7” group, including the likes of Elon Musk’s Tesla Inc. TSLA and Apple Inc. AAPL.
The rise has been attributed to MicroStrategy’s leading institutional adoption this cycle under Saylor’s direction, bolstered by the Wednesday announcement to upscale its Bitcoin acquisition plans from $1.75 billion to $2.6 billion.
Just last week, Saylor claimed he does not predict “any near-term threats on the horizon” for the cryptocurrency in conversation with CNBC, noting he “Would be surprised” if Bitcoin misses $100,000 before 2025.
Bitcoin Price Analysis: Why is Saylor so Confident on $100K
Significantly, technical indicators support the potential for a Bitcoin price in excess of $100,000, though the road ahead may not be as smooth as it has been thus far.
These large targets come as Bitcoin continues on its breakout path from a bullish cup-and-handle pattern forming since November 2021.
BTC / USDT 1W chart, cup-and-handle pattern breakout. Source: Binance.
Given the pattern materialises, a conservative price target of $120,000 seems credible running into 2025 – a 23% increase from current prices. Though, the current momentum may seem somewhat unfounded as it has yet to discover its technical support.
Therefore, as the Relative Strenght Index runs further into overbought territory at 75, a correction seems natural and healthy to reinforce the newfound high and discover supports to the uptrend.
If a retracement occurs, the zone between $97,175.85 and $89,903.29 seems like a more comfortable fallback position for the sustained continuation of the uptrend, though $100,000 seems likely before any downside is seen.
Michael Saylor remains optimistic that, even with some downside, the Bitcoin price will not fall back to $60,000. “I don’t think it is going to $60,000, it is not going to $30,000. I think it is going to go up from here,” Saylor added.
This New Low Cap Gem Could Rally Harder
While a $100,000 Bitcoin price is certainly an appealing prospect, emerging opportunities hold the potential for quicker and more substantial gains.
Specifically, as “meme coin supercycle” sentiment takes hold and coins like $ACT and $Pnut experience sudden rises to prominence, analyst Murad Mahmudov notes a paradigm shift towards “movement coins” poised to reshape the crypto landscape.
These community-centric meme coins hold exponential growth potential, forming ideologies and deep-rooted engagement.
Something mirrored by newcomer, Flockerz ($FLOCK), the vote-to-earn meme joining the push toward decentralized governance, addressing the common criticism of meme coins being overly centralized.
Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get side-lined in decision-making?
Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising over $2.6 million in its presale so far!
With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.
Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.
But the rewards don’t stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting a lucrative 805% APY. While some coins wane amidst recent volatility, The Flock continues to rake in consistent gains!
Join The Flock on X and Telegram to stay up to date on the latest announcements.
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