Bitcoin Price Surges: Hits $97,900 All-Time High, Eyes $100,000 Target

Bitcoin's price has reached a record $97,900, with momentum building toward the $100,000 target. This surge is fueled by growing institutional investments, such as Hoth Therapeutics' $1 million Bitcoin purchase and MicroStrategy's ambitious $2.6 billion Bitcoin plan.

Adding to this, reports of a potential “crypto czar” role in the White House under Donald Trump's transition team suggest regulatory changes that could further solidify Bitcoin's position.

These developments highlight Bitcoin's expanding role, with both corporations and policymakers positioning it as a key asset for the future.

Hoth Therapeutics Makes a $1 Million Bitcoin Investment

One million dollars has been invested in Bitcoin by the biopharma company Hoth Therapeutics as a part of its treasury strategy. Growing business interest in Bitcoin’s potential to serve as an inflation hedge is reflected in the decision.

Robb Knie, the CEO of Hoth, emphasized how their choice was influenced by an increase in market activity and Bitcoin exchange-traded funds (ETFs). The action fits with a larger trend, as proponents of the idea of Bitcoin being held as a reserve asset by the U.S. Treasury include Senator Cynthia Lummis.

By increasing business use of the cryptocurrency, Holth’s investment strengthens its standing as a trustworthy store of wealth. Bitcoin’s growth and long-term price prognosis are strengthened by this trend.

MicroStrategy Invests $2.6 Billion in Bitcoin

In order to purchase additional Bitcoin, MicroStrategy revealed plans for raising $2.6 billion with a private sale. The business recently made its biggest acquisition to date, adding 52,000 BTC, valued at $4.6 billion.

The use of Bitcoin as a treasury reserve asset by MicroStrategy, which has been commended for improving its stock performance, is consistent with this audacious approach.

The news caused a 12% increase in the company’s stock price. The price objective for MicroStrategy shares was raised by analysts, who expressed confidence in the company’s Bitcoin-focused approach in spite of continuous criticism.

MicroStrategy increased the amount of convertible senior notes it plans to sell to fund the purchase of additional Bitcoin by almost 50% to $2.6 billion. https://t.co/7eXPyGcuGQ
— Bloomberg Crypto (@crypto) November 20, 2024

This information strengthens institutional interest in the cryptocurrency, which increases market trust. As MicroStrategy’s increasing investment strengthens Bitcoin’s standing as a crucial corporate reserve asset, it might raise the price of BTC.

Trump Is Creating a Crypto Position in the White House

According to reports, the transition team for Donald Trump intends to create a new position in the White House that is specifically focused on cryptocurrency.

This role, which might be referred to as a “crypto czar,” would supervise cryptocurrency policy, work with Congress, and coordinate initiatives including the SEC, CFTC, and other agencies.

In order to develop his administration’s stance on cryptocurrency, Trump has also conferred with prominent figures in the field, such as Brian Armstrong, CEO of Coinbase.

The business has been energized by Trump’s pledge to make the United States a global center for cryptocurrency and to lessen regulatory crackdowns. For important regulatory roles, he is also taking into account officials who are tech-friendly.

This move may lead to higher prices for Bitcoin since it indicates a more lenient U.S. regulatory approach, which will promote more institutional adoption and trust in the cryptocurrency industry.

Bitcoin Targets $100K After Triangle Breakout

Bitcoin (BTC/USD) continues its bullish trajectory after breaking out of an ascending triangle pattern, currently trading at $97,430. This breakout signifies a strong upward momentum, exposing BTC to the $100,000 psychological level as its next target.

The Fibonacci extension levels reinforce this potential, with the 1.618 extension at $97,459 acting as immediate resistance. A sustained move above this level could propel prices toward $99,975 and the 2.272 extension at $101,766.

On the downside, immediate support is located at $95,929, with additional cushions at $94,611 and $93,405. The RSI is at 76.51, signaling overbought conditions, though the breakout suggests momentum may persist.

The 50-day EMA at $92,401 reinforces the bullish bias. Traders should monitor these levels as Bitcoin aims for new highs.

Key Insights:

Immediate Resistance: $97,459; Next: $99,975 and $101,766.
Immediate Support: $95,929; Next: $94,611 and $93,405.
Breakout Momentum: Ascending triangle breakout targets $100,000.

Conclusion: BTC's breakout above the ascending triangle pattern signals a potential climb toward $100,000, with Fibonacci extensions reinforcing the trend.

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