The post Why BTC Price May Touch $100,000 in December appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has faced a slight setback in its recent upward trajectory, struggling to rally to the highly anticipated $100,000 price mark. The cryptocurrency has been consolidating below this mark for the past few days, leaving investors speculating about its near-term price movement. However, a number of prominent crypto analysts remain optimistic about Bitcoin’s prospects in December. This analysis explores some of their forecasts.  Bitcoin May Climb Above $100,000, Analysts Say According to Juan Pellicer, a Senior Researcher at IntoTheBlock, December will be bullish for Bitcoin. This bullish bias will be propelled by “unprecedented institutional demand through Bitcoin ETF inflows,” which will drive the coin’s price above $100,000. “We are observing a highly bullish scenario for Bitcoin as we approach December, primarily driven by unprecedented institutional demand through Bitcoin ETF inflows. This surge in institutional participation, coupled with a noticeable easing of macroeconomic pressures, positions BTC favorably for a $100K breakout. 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. This decline comes on the heels of a significant drop in BTC’s price, which saw it trading as low as $92,000 earlier this week. This price pullback may have prompted institutional investors to pull funds from these ETFs in response to the market shift. Total Bitcoin Spot ETF Net Inflow. Source: SoSoValue Nevertheless, another analyst, Brian Quinlivan, Lead Analyst at Santiment, has predicted a bullish December for Bitcoin. According to Quinlivan, Bitcoin whales will drive this growth if they continue to accumulate the king coin. “Bitcoin’s key stakeholders (10+ BTC wallets) have accumulated 63,922 more BTC in November alone, worth $6.06B. Even with the top hitting on Friday, they haven’t…

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Filed under: News - @ November 29, 2024 2:27 pm