Whilst Bitcoin (BTC) CME futures were able to break back above $100,000 this week, spot prices continue to struggle against an unbreakable sell wall around $99,000, though optimism is growing that an upside breakout could soon ensue.
Bitcoin was last trading just under $97,000, a solid recovery from Tuesday’s dip back below $91,000.
10x Research founder and CEO Markus Thielen is optimistic that a breakout above $100,000 will likely occur in the near future, he told members of the crypto press earlier this week.
Bitcoin came within a few hundred dollars of hitting $100,000 last week, and Thielen noted that the recent pullback has helped to “alleviate its overbought technical condition”.
Weakness towards the end of the month is also normal for BTC, Thielen said. He also warned that a surprise decision by the US Federal Reserve to hold rates steady in December could be a short-term headwind.
However, “despite these short-term headwinds, we remain confident that Bitcoin will surpass the $100,000 milestone within the coming weeks, maintaining a bullish outlook for 2025”, Thielen concluded.
How High Can Bitcoin Go as New Crypto Golden Age Beckons?
Since President-elect Trump’s November election victory, Bitcoin has been riding a wave of optimism surrounding the likelihood of accelerated global adoption in the coming years under a pro-crypto Trump administration.
Trump has promised to establish a national bitcoin stockpile and to never sell the US government’s BTC holdings.
Polymarket’s betting market are also currently pricing a 29% chance that Trump goes a step further and establishes a national Bitcoin reserve in his first 90 days.
That would involve actively buying BTC more. Senator Cynthia Lummis recently put forward a bill saying the US government should sell gold to fund the purchase of 1 million BTC, while Trump ally and Healthy Secretary pick RFK Junior has advocated for buying up to 4 million BTC.
Meanwhile, a pro-crypto Republican controlled Congress is expected to pass pro-Bitcoin/crypto legislation in the coming session.
It’s no wonder then that at the dawn of a new golden age for crypto in the USA (and globally), Bitcoin continues to test $100,000.
And if the US actually started buying BTC, this would presumably kickstart a global race to accumulate the asset.
That could fast-track Bitcoin’s market cap towards that of gold, last around $17 trillion. Given Bitcoin’s current market cap around $1.9 trillion, that could mean gains of 10x are still possible in this scenario.
Of course, that would still likely take many years and there would be many major drawdown events.
Bitcoin Investment Strategy to Consider
Assuming Bitcoin is on the fast track to supplant gold as the world’s most important reserve asset in the decades ahead, investors with a long-term vision ought to get started accumulating as much as possible as soon as possible.
One strategy to consider is “dollar cost averaging” (DCAing). This is where investors allocate a set amount of their monthly savings to Bitcoin every week/month, regardless of its price.
They continue to buy regardless of market conditions and aim to hold indefinitely, but at least for 8 years.
Over time, they should secure a very favorable average price as they buy both market peaks and troughs.
This is one of the most conservative investment strategies in crypto. Riskier strategies include investing in alt-coins and meme coins, which are more volatile than BTC.
Whilst DCAing into BTC over the next 8 years is highly likely to bring strong returns, traders may be able to make the same returns over a very short time period in the coming months should alt-season really get going.
Of course, they should bear in mind that they run a much higher risk of losing everything.
One of the alt-coin sectors that is most likely to deliver strong gains is meme coins – indeed, these have led the gains in crypto in 2024.
Established meme coins like Dogecoin (DOGE), Pepe (PEPE) and Brett (BRETT) could easily deliver 10x gains.
But newer, lesser-known meme coins with smaller market caps could deliver even bigger gains, potentially of as much as 100x.
One new meme coin that analysts at cryptonews.com have been watching and think has massive potential is Pepe Unchained (PEPU).
Pepe Unchained, set to launch in just 15 days, has raised a whopping more than $60 million so far in its presale, one of the biggest raises so far this year of any crypto project.
Investors have been piling money into the new meme coin because Pepe Unchained is way more than just your average meme token.
Pepe Unchained is a layer-2 Ethereum scaling blockchain that has been busily building out entire meme-focused trading and DeFi ecosystem.
Analysts, including at the Iikes of ClayBro, Crypto Wire and 99Bitcoins, having lauded the presale as having huge potential.
Currently valued at a modest $100 million given the token’s presale price of $0.012955, $PEPU could easily 10x to become a million-dollar meme coin.
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The post Bitcoin Still Finds Unbreakable Resistance Around $99k, But This Analyst Says We Could See $100k This Weekend appeared first on Cryptonews.
