Key Insights
- •An analyst has fueled optimism with a latest Bitcoin price prediction of $120,000.
- •BTC USD price jumped nearly 7% to $93,000 from a local low of $84,000.
- •The US Spot Bitcoin ETF has continued its inflow streak for five straight days through December 2.
BTC USD Soars to $93K As Bitcoin ETF Regains Momentum
In recent Bitcoin news, BTC USD price recorded a jump of nearly 7% and soared past the brief $93,000 mark amid a recovery in the broader crypto market. This has also triggered a bullish Bitcoin price prediction, with some even calling a potential surge to $120,000 or even higher in the near term. It’s worth noting that the experts have cited a flurry of factors behind the recent rally in the price of Bitcoin. For context, the sustained institutional interest, as evidenced by the ongoing inflow into the US Spot Bitcoin ETF, could have helped gains in the asset. In addition, Bank of America recently advised market participants to allocate 4% into the digital assets space. On the other hand, the leading investment adviser Vanguard has included the crypto ETFs for Bitcoin, XRP, Solana, Ethereum, and others, which further bolstered market confidence. Considering all these aspects, the future of BTC USD looks bullish for December. In addition, a likely Fed rate cut later this month could also help gain in the flagship crypto, while aiding the bullish Bitcoin price prediction to come true.
A latest Bitcoin price prediction, based on the technical trends, hints at a likely rally to $120,000 and beyond for the crypto. Notably, this comes as BTC USD price recorded a jump of around 7% and exchanged hands near the brief $93,000 mark. Bitcoin started the month on a low note, crashing to $84,000 before a rebound from yesterday. During writing, the trading volume of the asset also rose nearly 19% to $86 billion, suggesting an increasing trading activity in the market. Over the past 24 hours, the crypto hovered between $87,033 and $93,965, suggesting a heightened volatile scenario in the market.
Notably, it’s worth noting that the surge could be attributed to the regaining confidence of the institutions, as evidenced by the recent fund flow into the US Spot Bitcoin ETF. According to Farside Investors’ data, the US Spot Bitcoin ETF has recorded an inflow of $58.5 million on December 2. This marks a five-day inflow streak for the asset, with BlackRock’s IBIT providing the biggest boost on December 2 with $120.1 million influx.
Bitcoin Price Prediction of $120k Fuels Optimism
Amid the soaring optimism, as evidenced by the surge in BTC USD price, a latest Bitcoin price prediction is gaining immense traction. For context, in a recent X post, analyst Ali Martinez said that the next major resistance level for Bitcoin price lies at $99,000.
Besides, the pricing bands further showed that if it clears the $99k mark, the next target would be at $122,000. Considering this scenario, the investors are optimistic about a continuing rally in Bitcoin price to $120,000 ahead.
Meanwhile, analyst Gert van Lagen also said that a rare bullish signal has appeared for BTC USD price. The expert said that the Bollinger Band Width has dipped below 100, a trigger that historically precedes a parabolic price surge.
Furthermore, Van Lagen notes that every previous instance of this signal has led to a significant price rally. the chart that he shared hints at a potential rally to $140k for the crypto.