Bitcoin Breaks $100,000: A Historic Milestone for Cryptocurrency

Bitcoin has achieved a groundbreaking milestone, surpassing the $100,000 mark and setting a new all-time high. The cryptocurrency’s price surge broke through one of the most significant psychological resistance levels in its history, with the bullish momentum reaching $103,900 at its peak.

This historic climb began near $95,000, with three consecutive four-hour bullish candles propelling Bitcoin to its current levels. The momentum is fueled by several factors that have collectively driven the cryptocurrency’s valuation to unprecedented heights.

Key Drivers Behind Bitcoin’s Rise

1. Technical Persistence: Bitcoin’s price had been testing the $95,000 level for weeks. Bearish control above this point was eventually overpowered by strong buying pressure, leading to the breakthrough.
2. Statements by Key Figures: Jerome Powell, the chairman of the Federal Reserve, recently described Bitcoin as a competitor to gold rather than the dollar. His remarks have garnered widespread attention and bolstered investor confidence.
3. Institutional and Retail Investment: U.S.-based Bitcoin ETFs have witnessed net inflows exceeding $31 billion this year. This influx of capital, combined with Bitcoin’s limited supply due to the April halving, has contributed significantly to the price surge.
4. Regulatory Changes: Former U.S. President Donald Trump’s appointment of Paul Atkins, a cryptocurrency advocate, to replace Gary Gensler as SEC chairman marks a potential end to the SEC’s stringent regulatory actions against crypto projects. This shift has been well-received by the crypto community.
5. Political and Corporate Adoption: Donald Trump’s presidential election victory and speculations about a national Bitcoin reserve have added to the growing optimism. Corporate adoption of Bitcoin continues to rise, further solidifying its role as a mainstream asset.

   

Bitcoin’s Historical Journey

Launched on January 3, 2009, by the pseudonymous Satoshi Nakamoto, Bitcoin has come a long way. Nearly 16 years later, it has reached the historic $100,000 milestone.

Bitcoin’s journey has been marked by key price achievements:

• In 2011, it crossed $1 for the first time, reaching a peak of $29.60.
• By April 2013, it surpassed $100 and later broke $1,000 in November of the same year.
• In late 2017, Bitcoin hit $10,000 and reached nearly $20,000, a record at the time.
• Now, seven years later, Bitcoin has added another digit, crossing the $100,000 threshold.

Bitcoin’s consistent ability to break records underscores its growing prominence as a global financial asset.