Orhan 
Bitcoin, as of 2024, has once again solidified its leadership in crypto markets, drawing attention as it approaches the $100,000 level. However, just $300 shy of this milestone, its rally paused, entering a consolidation phase. Investors are analyzing the reasons behind this slowdown and the potential direction of the digital asset market. Political shifts, institutional activity, and macroeconomic developments are among the key factors accompanying Bitcoin on this historic journey.
Pause at the $100,000 Threshold
Last week, Bitcoin tested $99,700, nearing a historic milestone. However, it fell to $95,776 on Sunday before recovering to $98,310 at the start of the week. Profit-taking by investors at these levels has increased selling pressure in the market.
According to data from crypto analytics platform Glassnode, wallet activity among long-term investors has decreased during this period, signaling sustained confidence in Bitcoin for the long term. Meanwhile, individual investors, more sensitive to short-term fluctuations, realized gains by selling at the peak of the rally.
Trump and Crypto Policies
One of the key factors driving Bitcoin’s rally is the crypto-friendly policies of U.S. President-elect Donald Trump. Trump has pledged to establish a national Bitcoin reserve and introduce more liberal regulations. These promises have boosted optimism in crypto markets, pushing digital asset prices higher. Following the Republicans’ victory, the total value of the digital asset market increased by $1 trillion, highlighting the magnitude of this impact.
However, uncertainties surrounding the feasibility and timeline of these promises are prompting cautious anticipation among investors. There is speculation about whether Trump’s transition team will create a new White House task force dedicated to digital asset policies. Such initiatives could shape the regulatory landscape for Bitcoin and other cryptocurrencies.
Institutional Interest on the Rise
Not only individual investors but also institutional players are playing a significant role in the current crypto market rally. Cantor Fitzgerald LP has begun discussions with stablecoin issuer Tether Holdings Ltd. to develop a credit program accepting Bitcoin as collateral. This move could expand Bitcoin’s use cases within the financial system.
According to Bloomberg, such initiatives mark a new era in the integration of crypto assets with traditional finance. The involvement of Cantor CEO Howard Lutnick, who holds a leading position in Trump’s transition team, adds political significance to these developments.
What’s Next for Bitcoin?
Market strategists believe Bitcoin’s pause at the $100,000 threshold is due to both technical and psychological resistance. Matt Maley of Miller Tabak + Co. describes this level as a natural correction zone, noting that the market appears overbought.
David Lawant, research director at FalconX, states, “A period of consolidation at these levels is likely before a sustainable breakout above $100,000.” On-chain analysis by Glassnode shows an increase in active wallet addresses and network activity, indicating continued strong demand for Bitcoin.
Bitcoin as Inflation Hedge
Bitcoin’s rally is driven not only by Trump’s policies but also by global macroeconomic factors. Rising inflation expectations make Bitcoin an increasingly attractive digital store of value. Investors worldwide are turning to Bitcoin as a hedge against central banks’ monetary policies.
Finally, the overall upward trend in the digital asset market is supported by growing demand for U.S.-based Bitcoin ETFs and institutional investments in blockchain infrastructure.
The Journey Continues for Bitcoin
As Bitcoin tests the $100,000 threshold, it continues to attract the attention of both individual and institutional investors. Consolidation at these levels allows the markets to progress healthily. Meanwhile, the realization of Trump’s promises and the resolution of regulatory uncertainties could play a critical role in Bitcoin’s ability to surpass this historic level permanently.
Bitcoin’s next move is crucial not only for the future of the crypto world but also for the transformation of the global financial system. A new rally above $100,000 could mark a turning point, not only for crypto markets but also for the mainstream financial implications of digital assets.
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