Bitcoin (BTC) recently broke above $100,000 in CME futures, but spot prices struggle against resistance at $99,000. However, there is growing optimism that a breakout may occur soon.
Currently, Bitcoin is trading just under $97,000. This marks a strong recovery from Tuesday’s dip below $91,000. CEO of 10x Research, Markus Thielen, expressed confidence in a breakout above $100,000 in the near future. He noted that Bitcoin came close to $100,000 last week. The recent pullback has helped reduce its overbought condition.
Short-Term Challenges for Bitcoin
Thielen mentioned that Bitcoin often weakens toward the end of the month. A surprise decision by the US Federal Reserve to hold rates steady in December could present a short-term challenge. Despite these factors, Thielen remains confident that Bitcoin will surpass $100,000 soon. He maintains a bullish outlook for 2025.
Bitcoin’s Role in the New Crypto Golden Age
Bitcoin’s optimism has surged following President-elect Trump’s victory. His administration’s pro-crypto stance could accelerate global adoption of Bitcoin. Trump has pledged to create a national Bitcoin stockpile and promised never to sell the US government’s BTC holdings.
Markets are pricing a 29% chance that Trump will establish a national Bitcoin reserve within his first 90 days. Former CFTC Chair Christopher Giancarlo has called Bitcoin “the world’s first digital commodity.”
The Impact of a Bitcoin Reserve
Senator Cynthia Lummis proposed a bill to sell gold and buy 1 million BTC for the US government. RFK Jr., a Trump ally, has suggested purchasing up to 4 million BTC. With a pro-crypto Republican Congress, Bitcoin’s prospects look promising. A national Bitcoin reserve could spark a global race to accumulate Bitcoin. This would push Bitcoin’s market cap closer to gold’s $17 trillion.
Bitcoin Investment Strategy: Dollar-Cost Averaging (DCA)
For long-term investors, dollar-cost averaging (DCA) remains a solid strategy. Investors buy Bitcoin at regular intervals, regardless of price. This approach helps smooth out market fluctuations and secures an average price over time.
DCA into Bitcoin over the next 8 years could provide strong returns. Riskier strategies, such as investing in altcoins, may offer higher short-term gains but carry greater risks.
The Rise of Meme Coins in 2024
Meme coins have been a major trend in 2024. Established coins like Dogecoin (DOGE), Pepe (PEPE), and Brett (BRETT) have seen significant growth. Lesser-known meme coins with smaller market caps could offer even higher returns.
One promising meme coin is Pepe Unchained (PEPU), which is set to launch in 15 days. The presale has already raised over $60 million. Pepe Unchained is not just a meme token; it’s building an entire ecosystem, including a layer-2 Ethereum scaling blockchain, a decentralized exchange, and advanced analytics.
Analysts have praised Pepe Unchained’s presale, with many predicting it could see a 10x increase in value once listed. At a presale price of $0.012955, PEPU has strong growth potentia.
The post Bitcoin Still Finds Unbreakable Resistance Around $99k, But This Analyst Says We Could See $100k This Weekend appeared first on Cryptonews.
