Bitcoin Beyond $98K: What’s Pushing BTC Price?

That this has been an interesting week for the crypto industry is an understatement, considering the action the market has witnessed. The price of Bitcoin climbed to unprecedented highs, as the coin inched closer to $100K.

Investors are buzzing with anticipation as the cryptocurrency shows signs of a continued surge, defying expectations and shifting market dynamics.

After rising by 6.7% in the past seven days, a new bullish trend has been noted, with both traditional and new Bitcoin users coming in. But what drives such a steep growth and what will happen in the next weeks?

Whale Activity and Market Consolidation

One of the key aspects of Bitcoin’s price increase is the whale and shark wallets that hold at least 10 Bitcoins.

Santiment data shows that these long-term holders have accumulated 56,397 BTCs in the last month. That is equivalent to $5.4 billion.

Notably, the number of such large wallets has reduced by 0.82% to 1,256 fewer wallets. While the number of holders is decreasing, the volume of Bitcoin held by these few individuals is increasing.

This consolidation of Bitcoin among the wealthiest holders is seen as a strong signal of confidence in the asset’s long-term prospects.

The increasing accumulation of Bitcoin by whales could be interpreted as a bet on its future growth. These large investors hold steady through the price movements, waiting for further price appreciation.

Coinbase Premium and Institutional Interest

Another reason for the recent rally in Bitcoin’s price was the increased trading volume on large exchanges such as Coinbase.

CryptoQuant CEO Ki Young Ju actually recently revealed on X that Coinbase premium has turned positive once again. This indicates strong institutional buying.

The fact that Coinbase has seen a spike in Bitcoin buys correlates directly with the asset’s current uptrend.

A steady influx of orders from American investors is becoming influential to guide Bitcoin closer to the $100,000 psychological mark. Though rising gradually, institutional interest has skyrocketed in recent times and especially with the surge in Bitcoin ETF.

Over $4 billion has been invested into the US-based Bitcoin ETFs after the election of president-elect Donald Trump.  This cements Bitcoin status as an investment asset class that can attract institutional investors.

Positive Sentiment and Potential Regulatory Clarity

Another factor contributing to the massive run-up in Bitcoin price is the overall happy sentiment in the crypto space. There is a change of guard happening in the cryptocurrency regulatory scenario in the U.S.

Recently, president-elect Trump stated that he intends on making the United States the “crypto capital of the planet” which has renewed investors’ interest.

The expectations of more friendly policies for such cryptocurrencies are expected to bring better-defined legal frameworks, thus pushing up Bitcoin’s price even higher.

Bitcoin Price Prediction: The Path to $100K

So as Bitcoin prices remain on an upward trend, people are aspiring to get to $100k in value. Since mid-November, the price of bitcoin has increased by 19% jumping. It went from $81,880 to the current price position of $98,000.

If the upward trend continues in the following months, the price of Bitcoin could jump through the $100K level according to different analysts as soon as in several months.

However, buying pressure increases and a possible market correction makes experts warn investors to pay attention to the next few weeks. If Bitcoin is to break past the $100K range, the next areas of interest will be the $120K and $150K, assuming institutional demand and market sentiment remain strong.

In conclusion, Bitcoin’s climb to $98K is fueled by a mix of whale activity, institutional interest, and an optimistic regulatory outlook.

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