Bitcoin Price Forecast: BTC Crosses $90K as MicroStrategy, Blackrock and Elon Musk trigger $460 Billion Inflows

Why is Bitcoin going up today?

Bitcoin price surged past $90,000 on November 12, marking a 34% gain since Donald Trump’s win at the November 5 polls. Market reports indicate U.S. corporate giants, notably MicroStrategy (MSTR) and BlackRock (IBIT), are leading the cryptocurrency market rally.

MicroStrategy announced a $2 billion Bitcoin purchase on November 11, and BlackRock’s IBTC ETF has seen record inflows. Adding to the buzz, Elon Musk has been seen at Trump’s Mar-a-Lago mansion, sparking speculation about potential crypto-friendly appointments in Trump’s cabinet.

Technical indicators suggest Bitcoin may be primed for another bullish move, with $100,000 within sight in the weeks ahead.

Bitcoin Prints “God Candle” as Trump’s Win Fuels $460 Billion Inflows

On November 12, 2024, Bitcoin extended its rally above $89,500 as U.S.-based institutional investors intensified their buying activity. Alongside optimism from Trump’s win, recent dovish turn in US macroeconomic landscape also supported the BTC price rally.

As inflation cooled, the U.S. Federal Reserve and the Bank of England enacted 25 basis-point rate cuts, creating favorable conditions for asset appreciation.

The BTCUSD daily chart reveals a 34% increase over the past week, with Bitcoin rising from $67,440 to a new all-time high of $90,030 on November 12. This comes after Bitcoin recorded its largest single gains, as it prices grew by more than $10,000 on Monday, November 11.

In terms of market cap, Bitcoin has added $460 billion in valuation within a week, spurred by Trump’s victory and favorable macroeconomic factors.

MicroStrategy Stock Hits All-Time High with $42 Billion BTC Acquisition Plan

In October, MicroStrategy unveiled plans to acquire $42 billion in Bitcoin over three years. CEO Michael Saylor confirmed an initial purchase of 27,000 BTC, valued at $2.03 billion, on November 11. This substantial buy drove Bitcoin’s price from $77,000 to $89,000 on that day alone.

With this latest purchase, MicroStrategy’s Bitcoin holdings have reached $25.15 billion, yielding an unrealized profit of $13.1 billion on its reserves.

Following MicroStrategy’s latest 27,000 BTC purchase worth $2 billion, its MSTR price has skyrocketed to new all time highs of $357 per share, reflecting investor confidence in its BTC-focused strategy.

As of November 12, MSTR is trading at $357 per share, with a cumulative market cap of $72.76 billion. This growth marks a 2,918% increase from $11.20 per share in 2020 when the firm first adopted Bitcoin as its primary investment strategy.

Bitcoin appears poised for further gains, with institutional backing and technical indicators supporting a potential rally to $100,000 in the coming weeks.

Bitcoin Price Forecast: $100K Rally in Firm Focus

Microstrategy’s $2 billion bitcoin purchase on Monday has sparked renewed optimism among bulls, setting the stage for a potential rally toward the psychological $100,000 level.

Bitcoin has climbed over 33% in the past week, breaching the $90,000 mark on Nov 12. Technical indicators suggest BTC price remains primed for further upside.

The Bollinger Bands on the chart have widened, reflecting heightened volatility, while the daily candlesticks are positioned above the upper band, suggesting a continuation of the uptrend.

Meanwhile, the Bull-bear Power indicator (13), trending in positive values, signal of strong bullish momentum despite double-digit gains in the weekly timeframe.

If this bullish momentum sustains, BTC could advance further towards the landmark $100,000 level in the days ahead.

On the downside, immediate support sits around $85,000, with additional support at the 20-day moving average near $73,117. However, with BTC showing no signs of waning demand, a correction seems less likely. As long as these support levels hold, Bitcoin’s path toward $100,000 remains firmly intact, drawing buyers aiming to capitalize on the rally’s next leg up.