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Bitcoin continues its march toward $100,000, and several altcoins could be poised to hit new all-time highs.

Bitcoin (BTC) bulls have kept up the pressure, and the price is trying to climb above $95,000. Options contracts on BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT), launched on Nov. 19, were an instant hit. 

Bloomberg ETF analyst James Seyffart said in a post on X that IBIT options recorded roughly $1.9 billion in notional exposure, and that could be the reason for Bitcoin’s new all-time high on Nov. 19.

Bitcoin’s price is nearing $100,000, but MicroStrategy, the largest corporate holder of Bitcoin, is not showing any signs of slowing down its purchases. The business intelligence firm revealed plans to raise $2.6 billion from senior convertible notes to buy more Bitcoin and for general corporate purposes.

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Crypto markets cheered Donald Trump’s win by pushing Bitcoin to a new all-time high above $75,000, signaling the start of the next leg of the uptrend.

Bitcoin (BTC) hit a new all-time high of $75,407 on Nov. 6, eclipsing the previous high of $73,777 made on March 14. The rally was triggered after Donald Trump edged closer to winning the United States presidential election. 

A Trump win is positive because the crypto industry hopes the incoming President will keep the promises made to the crypto community throughout the campaign trail. 10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could skyrocket to $100,000 by Q1 2025.

Crypto market data daily view. Source: Coin360

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Bulls aim to knock out Bitcoin’s all-time high before the US elections wrap up. Will altcoins follow?

Bitcoin (BTC) is facing resistance near $69,000, but the bulls have kept up the pressure. As the price nears the top of the range, the bears are likely to pose a strong challenge. However, analysts expect the range-bound action to end following the result of the upcoming United States elections.

Standard Chartered Bank analyst Geoff Kendrick said in a research note that Bitcoin could surge to $125,000 by the end of the year if the Republicans sweep the US Congress after the Nov. 5 elections. 

Another bullish projection came from Bitwise’s head of alpha strategies, Jeff Park, who said in a post on X that Bitcoin could reach $92,000 if Donald Trump wins the US Presidential elections.

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Bitcoin continues to face selling near $65,000, but the intensity seems to be reducing, paving the way for an upside breakout.

Bitcoin (BTC) faces rejection near $65,000 again, making it an essential overhead resistance to cross. A positive sign for the bulls is that Bitcoin’s classic Puell Multiple metric has hit the “green” zone for the first time since the end of 2022. 

“Historically, when the green zone was reached, it was followed by an upward price movement,” said CryptoQuant contributor Darkfost in a blog post.

Analyst Rekt Capital highlighted another historical pattern favoring the bulls. He said that Bitcoin breaks out from its reaccumulation range between 154 and 161 days after halving. The analyst added that the most recent Bitcoin halving occurred on April 20, 157 days ago, which puts it within striking distance of a breakout.

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Bitcoin bears have pulled the price below the support of the range, starting a potential downtrend toward $49,000. 

Bitcoin (BTC) has been in a sideways price action pattern for several months, but the bears are trying to seize control. The resolution of the large $55,724 to $73,777 range in favor of the sellers could start a downtrend.

Arthur Hayes, former CEO of crypto exchange BitMEX, has projected Bitcoin to fall below $50,000. A similar view was offered by veteran trader Peter Brandt, who has a target of $46,000 for Bitcoin.

Crypto market data daily view. Source: Coin360

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