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Here’s Why Reaching $110,000 By the Year End Is Very Important for the Bitcoin (BTC) Price Rally
As we inch closer to the end of the year, it has become increasingly crucial for the Bitcoin price rally to reach the highly coveted mark of $110,000. The recent surge in spot ETF inflows and the addition of MicroStrategy to the Nasdaq 100 index have sent a clear message that institutional investors are now taking notice of the cryptocurrency’s potential.
In just one day, an astonishing $428.98 million was poured into Bitcoin-based ETFs, bringing the total since the start of the trading day to a staggering $393 million. This level of interest is unprecedented and has undoubtedly set the stage for a robust rally in the coming days.
Moreover, MicroStrategy’s inclusion in the Nasdaq 100 index is expected to have far-reaching implications on Bitcoin adoption. With over $42 billion in BTC and an astonishing $550 billion in ETF assets, this move alone has sent a powerful signal that institutional investors are now fully committed to Bitcoin’s potential.
However, despite these encouraging signs, it remains crucial for the price to break through the psychological barrier of $100,000 by year-end. A failure to do so could have far-reaching implications on market sentiment and potentially delay the formation of new highs in 2025.
Fortunately, there are reasons to believe that this milestone is within reach. As long as the Relative Strength Index (RSI) remains within its current range and the 50-day Moving Average continues to act as a strong support level, the possibility of a new all-time high remains evident.
If the bulls can withstand the inevitable bearish pressure at these levels and manage to push the price above $105,000, a breakout from this pattern may enable Bitcoin to rise even further, potentially reaching the critical mark of $110,000 by year-end.
Source: coinpedia.org
