BTC Price Forecast and Bitcoin Technical Analysis: Will Bitcoin Reach $100K?

BTC Price Forecast: Bitcoin holds above $95K despite a 1.14% pullback, weekly ETF outflows stall momentum toward the critical $100K milestone.

BTC Holds Steady Above $95,000 Despite Slight Pullback

On Saturday, November 30, Bitcoin (BTC) fell by 1.14%, partially reversing a 1.76% gain from the previous day, and closed at $96,263. Notably, BTC has remained above the critical $95,000 mark for the second consecutive session, indicating strong demand.

US BTC-Spot ETF Market Sees Outflows, Keeping BTC Below $100,000

On Friday, the US BTC-spot ETF market recorded net inflows for the second session in a row. According to Farside Investors:
The iShares Bitcoin Trust (IBIT) reported net inflows of $137.5 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $106.5 million. Additionally, the VanEck Bitcoin Trust (HODL) experienced net inflows of $33.1 million. Despite six issuers reporting net inflows, the US BTC-spot ETF market ended a seven-week streak of inflows, registering net outflows of $153.1 million for the week ending November 29. This trend suggests that profit-taking may have influenced demand for BTC-spot ETFs.

Nevertheless, November was an exceptional month for the US BTC-spot ETF market, which recorded net inflows of $6.681 billion—the highest since the launch in January 2024. This marked only the second month where net inflows surpassed $6 billion.

BlackRock’s (BLK) IBIT ETF led the November inflows with a total of $5.334 billion. The trends in US BTC-spot ETF flows have shifted the demand-supply balance in favor of BTC, contributing to an all-time high of $99,318 in November.

The US BTC-spot ETF market, along with the anticipated restructuring of anti-crypto federal agencies, has prompted an increase in crypto-spot ETF filings targeting BTC, ETH, and altcoins like XRP.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas provided an updated table detailing the latest crypto-spot ETF filings and upcoming deadlines, indicating an expected expansion in the crypto-spot ETF market.

Bitcoin Technical Analysis

Despite Saturday's pullback, Bitcoin (BTC) remains comfortably above the 50-day and 200-day Exponential Moving Averages (EMA), indicating bullish momentum.

If BTC breaks above the November 22 high of $99,318, it could set bulls on a path toward the $100,000 target. A successful breakout past $100,000 may signal a potential rally toward $120,000.

Investors should keep an eye on developments in the US BTC-spot ETF market and updates regarding the SEC leadership race.

On the downside, a drop below $95,000 could bring the $90,000 level into play. If BTC falls through $90,000, it may signal a move toward $87,500.

Currently, with a 14-day RSI reading of 66.09, BTC has the potential to approach its all-time high of $99,318 before entering overbought territory (RSI > 70).

Bitcoin price prediction: Some believe that Bitcoin will decline further to $80,000, or even $65,000 before Bitcoin sees $100,000. With Bitcoin already recovering as BTC hits $93,000, this corroborates the bullish sentiment that Bitcoin will surpass $120,000 by the end of the year.

Ethereum Analysis

Ethereum (ETH) remains significantly above the 50-day and 200-day Exponential Moving Averages (EMAs), reinforcing bullish price trends.

If ETH breaks above Saturday’s high of $3,741, it could pave the way for a move toward the $3,835 resistance level. A successful breakout past $3,835 may open the door to the $4,000 mark.

Updates related to the US ETH-spot ETF market are also important to consider. Inflows into ETH-spot ETFs for the week ending November 29 boosted demand for ETH on Saturday, with the US ETH-spot ETF market registering net inflows of $466.5 million, outperforming the US BTC-spot ETF market.

On the downside, a drop below $3,600 could indicate a decline toward the $3,480 support level. A breach of this support may lead to further weakness, with the $3,244 support level coming into play.

With a 14-period Daily RSI reading of 68.99, ETH appears poised to reach Saturday’s high of $3,741 before entering overbought territory.

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