Skyrocketing Bitcoin Value Nearing $100K: Insights Suggesting Differences Compared to Previous Attempts
Crypto enthusiasts are buzzing as the world's largest digital coin, Bitcoin (BTC), is teetering on the brink of the coveted $100,000 territory. squeezing through the significant psychological hurdle, BTC managed to resurface in the six-figure club, marking its return to this milestone after roughly three months.
The catalyst for this uptrend could be a flurry of optimism surrounding potential trade deals, particularly between the US and a potential partner, both the UK and China are up for speculation. This positive sentiment has propelled BTC's price from under $94,000 yesterday to its current $99,500.
Interestingly, on-chain data from Sentora (formerly IntoTheBlock) suggests that should BTC sustain its reign above $100,000, it may encounter limited resistance given the relatively low amount of BTC amassed at that price range, with only 3% of the total supply having been purchased at these levels. This indicates an absence of significant sell-side pressure.
However, an analyst, Ali Martinez, presents a different perspective. He emphasizes a whopping 81,910 BTC, worth over $9 billion, that was acquired at approximately $101,673—a level that could swiftly become a noteworthy resistance if the $100,000 line falters.
On the flip side, Bitcoin has formed a solid support at $94,719, a price point where 195,320 BTC, representing a hefty $18.5 billion, were acquired.
Meanwhile, while the battle for $100,000 continues, the asset's realized cap has soared to an all-time high. Learn more about it here. Now, as BTC seemingly hovers on the verge of new heights, will it manage to break the $120,000 to $200,000 target threshold by the end of 2025, as predicted by some analysts? Only time will tell.
[1] Standard Chartered Predicts $200,000 Bitcoin Price by the End of 2025, https://cointelegraph.com/news/standard-chartered-predicts-200-000-bitcoin-price-by-the-end-of-2025[2] Bitcoin's 5th Wave Could Send BTC to $250,000, Plummets 14%, https://www.barchart.com/news/stocks/articles/1115799-bitcoins-5th-wave-could-send-btc-to-250-000-plummets-14-[3] Bitcoin Price Could Exceed $120,000 on Tidelines of US-UK Trade Deal - Analyst, https://z construxthepast.medium.com/bitcoin-price-could-exceed-120-000-on-tidelines-of-us-uk-trade-deal-analyst-c8e9575f9869[4] Arthur Hayes Crypto Market Update: BTC Could Hit $250,000 By Year-End, https://www.benzinga.com/markets/cryptocurrency/20/07/23830555/arthur-hayes-crypto-market-update-btc-could-hit-250-000-by-year-end[5] Bitcoin Trades Above $100,000 for the First Time in Three Months, https://www.cnbc.com/2021/11/10/bitcoin-price-hits-100000-for-first-time-in-three-months.html
- Crypto enthusiasts are actively discussing the possibility of Bitcoin (BTC) surpassing $120,000, as predicted by some analysts, based on the current uptrend in the cryptocurrency's value.
- While Bitcoin (BTC) has recently breached the six-figure mark, an analyst, Ali Martinez, suggests a potential barrier at approximately $101,673, given the significant amount of Bitcoin accumulated at that price.
- Investors are keeping a close eye on Bitcoin's (BTC) struggle at the $100,000 barrier, as a potential US-UK trade deal could further influence its trading.
- Although BTC's price has seen a significant increase from under $94,000 yesterday to its current $99,500, Sentora's on-chain data suggests limited resistance if BTC continues to maintain its position above $100,000.
- Despite the current hype around Bitcoin's (BTC) price, there exists considerable support at $94,719, as 195,320 BTC, representing a substantial $18.5 billion, were previously acquired at this price.
