Bitcoin road to $100K: How 230,000 new investors bought BTC after Trump’s win

Bitcoin price forecast:

Bitcoin price peaked at $93,300 on November 13 and continues to consolidate above the $90,000 level as of November 17. On-chain data shows an unusual number of new users joining the bitcoin network since Trump win at the November 5 Presidential election.

Will BTC finally break towards $100,000 in the week ahead.

Bitcoin price consolidates at $90,000 as bulls take profits

Since November 5, Bitcoin price has risen by more than 30% driven by a trident catalyst of Trump’s win, US fed rate cut and increased buying pressure from US corporate investors such as MicroStrategy and the approved Bitcoin ETFs.

The chart above shows how Bitcoin price rose 35% climbing from $67,000 on Nov 5 to hit the all time high of $93,332 on November 13. While BTC retraced towards the $90,000 area at press time on November 17, market reports suggest the BTC is likely to maintain its upward momentum in the week ahead.

Bitcoin funded wallets have increased by 230,000 since Trump’s win

As symbolized by record-breaking ETF inflows, and MicroStrategy’s $42 billion BTC acquisition plan,  US- based corporate investors have reacted positively to Trump’s win. However, on-chain data shows there’s has also considerable increase in retail adoption of Bitcoin since the US presidential election date.

The Santiment chart below tracks the number of active wallets holding units of BTC. This serves as a proxy for measuring the growing in Bitcoin’s adoption and network participation rate around key market events.

The blue shaded area in the chart shows that only 54.37 million wallets held BTC as of November 4. Since then, over 230,000 new addresses have acquired BTC bringing the total amount of holders to 54.6 million unique addresses, at the time of publication on November 17.

Essentially, this affirms that Trump’s win has not only increased buying pressure from corporate investors, but it has also increased the popularity and enhanced its legitimacy among retail investors globally.

When number of holders increase during a rally, it signals that the underlying asset is attracting new buyers. if it persists, the new demand could absorbs sell-side pressure from long-term holders seeking to book profits.

After setting new all time highs in 8 consecutive days between November 5 and November 13, bitcoin has retraced nearly 5% in the last 4 days, signaling widespread profit-taking.

Evidently, the fresh demand from the 230,000 new addresses who acquired after Trump’s election win partly explains why BTC has managed to avoid a sharp correction and still holds high support levels around $90,000 as of November 17, despite traders booking profits,

Bitcoin Price Forecast: $100K Target Remains in Play if this $88,000 Support Holds

Bitcoin’s recent price surge has captured market attention, rallying 34.30% in just 13 days to reach $90,154 as of November 17. Amid the positive momentum surrounding Bitcoin’s long-term potential, technical indicators highlight critical support and resistance levels that could define its upward trajectory toward $100,000.

Bitcoin technical analysis:

In terms of short-term consolidation, the $88,000 level stands out as a critical support, aligned closely with the midline of the Keltner Channels (KC). A breakdown below this level could signal a potential retracement toward $80,783—the lower band of the Keltner Channel and a secondary support zone.

However, over the last 4-days, Bitcoin has demonstrated strong resilience at the $88,000 area, attracting dip-buying activity.

On the upside, $92,500 marks the immediate resistance, as Bitcoin consolidates near this level after its explosive upward move. The Bull-Bear Power (BBP) indicator, currently at 12,523, reflects strong buyer dominance in the market, a bullish signal. Elevated BBP levels suggest that bulls maintain control, supporting further upside momentum if Bitcoin clears its $92,500 resistance.

As long as Bitcoin holds $88,000 as a support, the path toward $100,000 remains technically viable. However, failure to sustain above $88,000 may invite a short-term correction, offering bulls a potential reentry point near $80,783.

Momentum indicators like BBP suggest a potential rally towards $100,000 before end of 2024, if the bullish pressure persists.