10 November Bitcoin (BTC) set a new price record at $80945, helped by a number of bullish catalysts that have reignited investor optimism.
This achievement strengthens hopes that the coveted $100000 target is within reach, which is supported by technical and fundamental factors.
Crypto analyst RLinda weighed in on the factors that could influence Bitcoin's next big move, saying the recent breakout above the $76900 resistance has given the cryptocurrency a major boost.
Bitcoin Price Analysis. Source: RLinda/TradingView
Moreover, a break of the critical $80000 resistance level opens the door to even higher targets, namely $100000. Short-term pullbacks will provide attractive buying opportunities for bullish investors and further strengthen the rally.
In support of this positive outlook, former Glassnode lead analyst James Check noted that despite reaching new all-time highs, BTC has not risen much above its 200-day moving average (DMA).
The analyst also noted that the Mayer Multiple Z-Score is currently hovering just above 0, suggesting that Bitcoin's price is close to its long-term average, which is a promising signal for further gains.
The results of the 2024 US presidential election, which will see Donald Trump re-enter the top office, have brought about positive changes in cryptocurrency market .
Trump's Promise replace the current head of the SEC The move to a more crypto-friendly figure has fueled optimism about regulatory changes that could further benefit digital assets.
Additionally, Federal Reserve decision A 25 basis point interest rate cut has added fuel to the Bitcoin rally.
Thus, Bitcoin's path to $100000 is supported by strong fundamental and technical factors, including discussions about Bitcoin becoming a strategic reserve asset.
