Traders See Even More Bitcoin Buying Pressure as BTC Sets New Record at $103K

US BTC spot ETFs saw $533 million in net inflows on Wednesday, while BlackRock's IBIT Index topped $50 billion in net assets for the first time.

According to the latest figures, BTC has gained 7.2% in the last 24 hours, pushing its market cap above $2 trillion for the first time, setting a new record of just over $103,670.

US BTC spot ETFs saw $533 million in net inflows on Wednesday, while BlackRock's IBIT Index topped $50 billion in net assets for the first time.

Investors are predicting that increased demand for Bitcoin during the holiday season, demand from ETFs, and increased media attention could help drive buying demand for Bitcoin in the coming weeks.

Earlier on Thursday, Bitcoin crossed the $100,000 mark, nearly 15 years after it was first launched, and some experts expect it to continue to do so.

BTC has gained 7.2% in the past 24 hours, pushing its market cap past $2 trillion and setting a record of just over $103,670. The price has since fallen to $102,500 in Asian afternoon trading as market participants quickly took profits off the exchange.

The asset has gained 50% in the past 30 days, driven by increased institutional demand, rising ETF inflows, improved sentiment in traditional financial circles, and optimism about the future of Donald Trump’s presidency in the United States, who has repeatedly expressed hope that the country will become a hub for Bitcoin activity.

Spot BTC exchange-traded funds in the U.S. attracted $533 million in net inflows on Wednesday, with BlackRock's IBIT index surpassing $50 billion in net assets for the first time.

The strong gains have fueled concerns among some analysts that prices could fall to $90,000 in the local market. But the seasonally bullish holiday period, demand from ETFs, and increased mainstream media attention could spur more buying demand for BTC in the coming weeks, traders say.

Here's what several traders say about the current rally and what's next.

“Thanks to Powell’s positive bombshell comment about Bitcoin being digital gold and the appointment of Paul Atkins as the Chairman of the US Securities and Exchange Commission, BTC finally reached the 100k mark.

However, we believe that there is still more room for further growth, as there needs to be some demand for BTC to reach the 100k level, which will attract more public attention. In addition, BTC continues to be small compared to other macro assets, and its market cap growth will attract the attention of large institutions that can now invest heavily in it.” - Presto Research Investment Analyst Min Jung.”

“Bitcoin’s recent push past the $100k mark is not just a milestone, it is a turning point for the cryptocurrency industry. This is facilitated by the increasingly favorable regulatory environment in the US, especially after the appointment of Paul Atkins as the Chairman of the US Securities and Exchange Commission (SEC). This will likely lead to further financial injections into the sector, raising Bitcoin’s profile and leading to a new wave of mainstream adoption.” - Jeff May, COO of BTSE.

“While some speculators believe that hitting $100k is a signal for a market top, on-chain demand and macroeconomic indicators suggest that Bitcoin still has significant momentum to run. This further proves that leading bearish narratives such as the US presidential election and the regulator’s stance on cryptocurrencies have proven unhelpful.”

“While long-term investors may be reducing their positions, mainstream media, and retail investors are only just beginning to notice the incredible rally in Bitcoin at this historical level, which may add further pressure on buyers due to fears of missing out,” he adds. - Nick Ruck, Director of LVRG Research.