Bitcoin Price Forecast: MicroStrategy buys another $4.6 Billion BTC as Michael Saylor Predicts $100K rally.

BTC price analysis: 

Bitcoin price surged above the $92,000 mark on November 18 fueled by another record-breaking $4.6 billion BTC purchase from MicroStrategy. With Bitcoin price already up 35% since the Trump’s win at the US elections, CEO Michael Saylor has predicted that BTC could breach 100,000 before Trump’s inauguration in January

Why is Bitcoin Price going up?

MicroStrategy buys another $4.6 billion BTC, bringing its post US Election investment to $6 billion

On Monday November 18, MicroStrategy CEO Michael Saylor’s announced that the firm had purchased another 51,780 BTC for $4.6 billion. The purchase sets a new record for the firm’s largest single-day investment since adopting its Bitcoin strategy in 2020.

Microstrategy’s latest purchase comes just 7 days after the firm had acquired 27,000 BTC for $2 billion on November 11. This means that MicroStrategy has now invested $6 billion in BTC since Trump’s victory at the November 5 election.

Since the Nov 5 election, the cryptocurrency market is has been on a steady uptrend amid pro-business expectations following Donald Trump’s re-election. More so, SEC Chief Gary Gensler hinted at his imminent exit on November 14.

Microstrategy stepping up its BTC purchases, amid record inflows towards Bitcoin ETFs shows that US-based corporate investors anticipate favorable regulations, reinforcing the bullish momentum.

Bitcoin Price Forecast: $100K Breakout Ahead? 

Following MicroStrategy’s announcement, Bitcoin price rose as high $92,300, with technical indicators highlighting potential for more upside.

The Bollinger Bands (BB) indicate heightened volatility, with BTC consistently trading near the upper band, currently positioned at $95,741.

This suggests that strong buying momentum is driving the rally, leaving little room for immediate bearish pressure. Additionally, the Parabolic SAR signals remain firmly below the price, confirming sustained bullish momentum as the uptrend progresses.

Looking ahead, key resistance levels lie at $95,000 and the psychological threshold of $100,000, which could attract significant selling pressure. However, a breakout above $95,741 could open the path to uncharted territories beyond $100,000, potentially targeting $110,000 in the coming weeks.

On the downside, $84,135 serves as a critical support level, with $79,449 providing a secondary cushion in case of a pullback. However, this scenario currently appears unlikely, with Microstrategy’s $42 billion BTC acquisition plan still on-course.