Why is Bitcoin Price Going Up Today?

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Bitcoin is just a few thousand dollars away from hitting the crucial $100k mark, a milestone that investors and analysts have been eagerly awaiting. Recently, the price touched $98k, rising by more than five percent. The market is buzzing with excitement as the bulls are ready for a potential explosive rally that could push Bitcoin to even greater heights, surpassing anything we’ve seen before.

Additionally, there’s buzz about an incoming altcoin season. While we’re not there yet, some analysts believe altcoins could perform well in 2025, especially if Bitcoin’s dominance slows down. This could signal a shift in market trends where altcoins start gaining traction before a potential bear market hits later on.

So why is Bitcoin’s price going up? According to Santiment, one key factor to watch is the behavior of whale and shark wallets, which hold at least 10 BTC. Over the past month, these large wallets have added a total of 56,397 BTC, worth about $5.4 billion. Interestingly, while the number of whale and shark wallets has decreased by 1,256 (a drop of 0.82%), the amount of Bitcoin held by these wallets has increased significantly. This consolidation of Bitcoin in the hands of large holders is an important trend to monitor. 

Meanwhile, on Coinbase, there’s been a noticeable spike in Bitcoin buying, with key investor sentiment driving the price higher. Crypto expert Ki Young Ju shared a chart showing that the Coinbase premium has gone positive again, signaling strong demand for Bitcoin. 

Conclusion: 

It remains to be seen whether Bitcoin will hit the $100k mark today or if it will leave investors waiting once again. This is important because predictions of Bitcoin reaching $100k have been circulating for a while, and now that it’s trading close to $98k, it feels like it’s almost imminent.