Bitcoin broke $97k with 83% odds of reaching $100k this month

Bitcoin has been hitting new all-time highs consistently over the past two weeks.

Bitcoin (BTC) is up 5.8% in the last 24 hours and at the time of writing, its ATH is trading at $97,750. The market cap of digital gold currently stands at $1.93 trillion and holds a 57.9% dominance in the crypto market.

BTC price | Source: crypto.news

Daily transaction volume exceeded 85 billion dollars.

Thanks to strong bullish momentum, a survey on market prediction platform Polymarket shows that Bitcoin has an 83% chance of reaching the $100,000 level before December.

BTC price prediction | Source: Polimarket

According to data from CoinGecko, along with Bitcoin’s gains, the capitalization of the global crypto market also reached an ATH of $3.33 trillion.

What makes bulls tick?

There are many factors pushing the Bitcoin price up. The strong momentum was triggered after “cryptocurrency president” Donald Trump won the US presidential election on November 6.

Pro-crypto politicians also dominate the US House of Representatives and the Senate, leading to expectations of crypto-friendly regulations with Trump’s second term.

Additionally, Ki Young Ju, CEO of market analysis platform CryptoQuant, believes this year’s bullish momentum is “similar” to the 2020 bull run.

According to Young Ju, one of the main factors is the strong whale accumulation. Large over-the-counter transactions, most likely made by institutions rather than individuals, have caused a steady increase in Bitcoin price.

CryptoQuant CEO added that the Bitcoin halving took place on April 20, halving the block reward for miners and demanding a price increase to ensure miners remain profitable.

The latest catalyst for Bitcoin price has been the launch of spot BTC exchange-traded fund options in the US; The first investment product to receive the green light from the U.S. Securities and Exchange Commission was BlackRock’s iShares Bitcoin Trust.

Spot BTC ETF options are expected to increase the demand for digital gold as investors can manage their investment risks.