Bitcoin surges to $100,000 after November inflation data releases.

Last week, the crypto market reached a new high of $100,000, but then dropped for two days before jumping back up on Wednesday.

The flagship cryptocurrency's price increased by 4.8% to $101,052.72, according to Coin Metrics. However, it did not reclaim its key resistance at $4,000, despite also rising by 4%. Meanwhile, the CoinDesk 20 index, which measures broader cryptocurrency performance, surged more than 7%.

Crypto stocks and advanced 5% and 7%, respectively.

All but MicroStrategy are still in the red for the week.

The November consumer price index came in as expected, with a 0.3% rise from October and 2.7% increase from a year ago, giving cryptocurrencies an extra boost. Investors are betting that this reading clears the way for the Federal Reserve to cut interest rates again at its December meeting next week.

Bitcoin's price is expected to continue fluctuating around $100,000, but investors remain hopeful that it could double in value in the next year. According to Bernstein, the cycle high for bitcoin is forecasted to be $200,000 in 2025. Tom Lee of Fundstrat predicts that bitcoin has the potential to reach $250,000 next year in his 2025 outlook, which was published on Wednesday.

Bitcoin's current record is $103,844.05.