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BTC Price Forecast and Bitcoin Technical Analysis: Will Bitcoin Reach $100K?

Dec 2, 2024
4 min read
Table of Contents
  • 1. BTC Holds Steady Above $95,000 Despite Slight Pullback
  • 2. US BTC-Spot ETF Market Sees Outflows, Keeping BTC Below $100,000
  • 3. Bitcoin Technical Analysis
  • 4. Ethereum Analysis

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BTC Price Forecast: Bitcoin holds above $95K despite a 1.14% pullback, weekly ETF outflows stall momentum toward the critical $100K milestone.
 


BTC Holds Steady Above $95,000 Despite Slight Pullback


On Saturday, November 30, Bitcoin (BTC) fell by 1.14%, partially reversing a 1.76% gain from the previous day, and closed at $96,263. Notably, BTC has remained above the critical $95,000 mark for the second consecutive session, indicating strong demand.
 


US BTC-Spot ETF Market Sees Outflows, Keeping BTC Below $100,000


On Friday, the US BTC-spot ETF market recorded net inflows for the second session in a row. According to Farside Investors:
The iShares Bitcoin Trust (IBIT) reported net inflows of $137.5 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $106.5 million. Additionally, the VanEck Bitcoin Trust (HODL) experienced net inflows of $33.1 million. Despite six issuers reporting net inflows, the US BTC-spot ETF market ended a seven-week streak of inflows, registering net outflows of $153.1 million for the week ending November 29. This trend suggests that profit-taking may have influenced demand for BTC-spot ETFs.

Nevertheless, November was an exceptional month for the US BTC-spot ETF market, which recorded net inflows of $6.681 billion—the highest since the launch in January 2024. This marked only the second month where net inflows surpassed $6 billion.

BlackRock’s (BLK) IBIT ETF led the November inflows with a total of $5.334 billion. The trends in US BTC-spot ETF flows have shifted the demand-supply balance in favor of BTC, contributing to an all-time high of $99,318 in November.

The US BTC-spot ETF market, along with the anticipated restructuring of anti-crypto federal agencies, has prompted an increase in crypto-spot ETF filings targeting BTC, ETH, and altcoins like XRP.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas provided an updated table detailing the latest crypto-spot ETF filings and upcoming deadlines, indicating an expected expansion in the crypto-spot ETF market.
 


Bitcoin Technical Analysis


Despite Saturday's pullback, Bitcoin (BTC) remains comfortably above the 50-day and 200-day Exponential Moving Averages (EMA), indicating bullish momentum.

If BTC breaks above the November 22 high of $99,318, it could set bulls on a path toward the $100,000 target. A successful breakout past $100,000 may signal a potential rally toward $120,000.

Investors should keep an eye on developments in the US BTC-spot ETF market and updates regarding the SEC leadership race.

On the downside, a drop below $95,000 could bring the $90,000 level into play. If BTC falls through $90,000, it may signal a move toward $87,500.

Currently, with a 14-day RSI reading of 66.09, BTC has the potential to approach its all-time high of $99,318 before entering overbought territory (RSI > 70).

Bitcoin price prediction: Some believe that Bitcoin will decline further to $80,000, or even $65,000 before Bitcoin sees $100,000. With Bitcoin already recovering as BTC hits $93,000, this corroborates the bullish sentiment that Bitcoin will surpass $120,000 by the end of the year.
 


Ethereum Analysis


Ethereum (ETH) remains significantly above the 50-day and 200-day Exponential Moving Averages (EMAs), reinforcing bullish price trends.

If ETH breaks above Saturday’s high of $3,741, it could pave the way for a move toward the $3,835 resistance level. A successful breakout past $3,835 may open the door to the $4,000 mark.

Updates related to the US ETH-spot ETF market are also important to consider. Inflows into ETH-spot ETFs for the week ending November 29 boosted demand for ETH on Saturday, with the US ETH-spot ETF market registering net inflows of $466.5 million, outperforming the US BTC-spot ETF market.

On the downside, a drop below $3,600 could indicate a decline toward the $3,480 support level. A breach of this support may lead to further weakness, with the $3,244 support level coming into play.

With a 14-period Daily RSI reading of 68.99, ETH appears poised to reach Saturday’s high of $3,741 before entering overbought territory.
 


Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Frances Wang
Written by
Frances Wang
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Table of Contents
  • 1. BTC Holds Steady Above $95,000 Despite Slight Pullback
  • 2. US BTC-Spot ETF Market Sees Outflows, Keeping BTC Below $100,000
  • 3. Bitcoin Technical Analysis
  • 4. Ethereum Analysis

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