Bitcoin at $120K by 2024? The Speculation and Trends You Need to Know

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Bitcoin surprised the community with a sudden 3.58% move towards $106,533. However some analysts were definite about this move due to Moving Average 20 playing big. This has caused people to talk about the Christmas rally. There are a number factors behind this momentum. The rise in wallet addresses with over 100 BTC shows the market confidence.

MicroStrategy Joins Nasdaq 100: A New Path for Bitcoin?

Michael Saylor led MicroStrategy, just joined the Nasdaq 100 index. This is great news for the crypto world. The company holds a whooping 423,650 BTC worth $44.58 billion.  With the Nasdaq 100 membership, index funds could start buying more of MicroStrategy’s shares. And when that happens, we could see even more Bitcoin purchases from them. MicroStrategy has been buying Bitcoin every Monday, and another round is expected soon. So, this move could mean even more upward pressure for Bitcoin’s price.

Trump’s Pro-Crypto Plans: Could It Change Everything?

As Donald Trump gets ready to take office again in January, some crypto enthusiasts are hopeful about what he might do for Bitcoin. He’s hinted at creating a strategic Bitcoin reserve, though we don’t have all the details yet. But the idea of a pro-crypto president is already making waves. If he fulfills his promises to the crypto community and follows a plan favorable for the ecosystem, it will be a serious boost for the whole ecosystem and not just Bitcoin.

Technical Analysis: Where Is Bitcoin Headed?

Let’s explore the charts for a while to see what is happening there. Bitcoin creating another ATH and staying above $100k is a great achievement. The industry is watching closely if it can stay above that mark. If the current momentum stays, we could see $110,000 around christmas. This road is not free from risks.

RSI on a weekly chart is at 77, which is the overbought zone. If the rally has to continue, the price either needs a consolidation or a correction before further movement. However, a sudden rise in buy can do the deed. With this happening we might see $120k by the end of 2024.

What’s Next for Bitcoin?

Looking ahead, it seems like Bitcoin’s momentum could continue, especially with all the factors at play—like MicroStrategy’s consistent buying and the potential pro-Bitcoin policies under Trump. But don’t forget, there’s also the Federal Open Market Committee (FOMC) meeting coming up, which could create some bumps in the road. Still, with the way things are shaping up, it’s hard not to feel optimistic about where Bitcoin’s price might go next.