Bitcoin Price Analysis: Is The BTC Ready To Hit $100K?

As of Jan. 6, Bitcoin (BTC) is at around $97,430, slightly up 0.02% over the last day. The value of Bitcoin hit $99k on Monday. The overall market outlook is considered mildly bullish, with investors facing several macroeconomic indicators and regulations head-on.

Recent events have made Bitcoin’s price more unstable. In 2024, Bitcoin ETF approval surged its price. This regulatory win attracted more institutions and increased trading. Moreover, the elections, with Donald Trump and his positive views on cryptocurrencies, also played a part. 

Markus Thielen, founder of 10x Research, said that early January will be positive before the market sees a minor dip before the release of the Consumer Price Index (CPI) inflation data on January 15. Thielen expected the same later, before President Trump’s inauguration.

Markus Thielen said that a good CPI number could give the market a reason to turn upbeat and rally ahead of Trump’s inauguration.

“While a positive inflation print could spark renewed enthusiasm, this momentum may fade,” Thielen cautioned, noting that markets will likely pull back somewhat as the Federal Open Market Committee (FOMC) meeting approaches on January 29.

However, Bitcoin’s price has fluctuated over the years. The current price is around $98000. Analysts believe price levels above $110000 may be achieved if BTC establishes a firm above $97000. 

Bitcoin Price Forecast: Key Levels to Watch for Bitcoin’s Next Move

Bitcoin (BTC) has shown significant price volatility over the last 24 hours, ranging from an intra-day low of $97,274 to an intra-day high of $99,892. Bitcoin is priced at about $98,861, slightly up from its prior close.

Three technical indicators this week show that Bitcoin is testing resistance at around $98K. Going above this level may open the path for additional levels: the predetermined $100,000 and further. On the other hand, failure to break out could lead to a pullback towards the support levels between $95,000 and $92,000.

The Relative Strength Index is at 54.046, which would be considered neutral territory as no signs of overbuying or overselling are seen. Simple short-term moving averages, such as 5-day and 10-day moving averages, indicate a ‘Buy’ signal, while others in the long-term moving averages suggest a ‘Sell’ signal.

However, market sentiment showed a high-degree bullish trend as per the data despite short-term bearish calls. The Crypto Fear and Greed Index, which measures attitudes toward Bitcoin and other digital assets, rose to the “Extreme Greed” level, 76 out of 100 as of January 6th. This sentiment increase occurred when the price of Bitcoin reached $98,850.