Bitcoin tops $98,000 as rally gains momentum

• Bitcoin has jumped to $98,370, its highest-ever price as bulls target $100,000.
• The flagship cryptocurrency has rallied higher since Donald Trump’s re-election on Nov. 5

Bitcoin’s march towards $100,000 continued Thursday as the benchmark crypto asset broke past $98,000 for the first time ever.

Having hit $97k earlier in the day, BTC showed no mercy to the bears as its price stormed to a record high of $98,370 on Coinbase. At the time of writing, the cryptocurrency traded higher by 5.5% in 24 hours, pushing the asset’s market cap to above $1.94 trillion.

Analysts: “parabolic” phase begins after Bitcoin breaks $100k

Market conditions, helped by the demand for spot Bitcoin ETFs and the just launched ETF options, are suggesting the digital asset’s value is poised for a major breakout above $100k. Analyst Ali Martinez shared the chart below suggesting a bull flag pattern breakout.

#Bitcoin $BTC could reach $100,000 today as it appears to be breaking out of a bull flag on the lower timeframes. pic.twitter.com/UKKcXilHO4

— Ali (@ali_charts) November 21, 2024

Overall, Bitcoin price has jumped more than 30% in two weeks and by more than 46% in the past month. Notably, the world’s largest cryptocurrency has been on a tear since early November, when it began to rise as the US election neared.

On Nov. 5, BTC broke above $69,000 amid projections for a Donald Trump win. The decisive results only fueled bulls further, with the president-elect’s pro-crypto stance adding to the optimism.

In recent days, its Trump’s picks for his cabinet that have fueled fresh belief that the US crypto space is set for a complete flip from the last four years’ outlook.

With interest in BTC just getting onto the mainstream stage, analysts are saying the big FOMO begins when Bitcoin breaks out above $100k.

Bitcoin has a parabolic phase once every 4 years. The parabolic phase starts after $100K. pic.twitter.com/YJUcvVo6Gh

— Charles Edwards (@caprioleio) November 21, 2024

Read more: Donald Trump’s transition team considering first-ever White House crypto office