Bitcoin extends powerful rally amid “Trump Pump” optimism, ready for 100k milestone

Bitcoin’s robust rally continues at the start of this week, buoyed by the so-called “Trump Pump” effect. Cryptocurrency investors are optimistic about US President-elect Donald Trump’s promises to create a more supportive and friendly regulatory environment for crypto businesses.

The crypto market has long struggled with a lack of regulatory clarity, and these anticipated policy changes are fueling strong positive sentiment. Expectation of a more defined regulatory framework is encouraging both institutional and retail investors to increase their exposure to Bitcoin, driving further price appreciation.

Such optimism is expected to persist through the rest of 2024, with Bitcoin setting its sights on the significant 100k mark.

Technically, Bitcoin is in clear upside acceleration as seen in D MACD. The immediate focus is on 161.8% projection of 58846 to 73608 from 66763 at 90647. Break could push Bitcoin a bit further higher to 200% projection at 96287.

The real test lies in medium term level at 100% projection of 24898 to 73812 from 52703 at 101617, which is slightly above 100k psychological level. Strong resistance could be seen there to bring consolidations on first attempt.