Despite the recent price fluctuations in the past few days, there remains strong optimism and confidence BitcoinThe potential for a significant spike in the short term. Many seasoned cryptocurrency analysts have pointed to the $100,000 psychological level as the next key level to watch once BTC regains its bullish momentum.
The upward path towards $100,000 depends on key trends
Bitcoin may show bearish performance, raising uncertainty among traders Investors Within the cryptocurrency community about its long-awaited rise to the $100,000 level. However, Nijntropek, a market expert and trader, remains optimistic about BTC’s path to the pivot level, meaning the rally remains intact.
Although Bitcoin’s $100,000 journey is still alive, market expert… Claims The digital asset needs to consolidate and create a pressure zone in order to surpass this milestone, a key level capable of changing the performance of the entire cryptocurrency market, suggests a daily channel.
As BTC enters a consolidation phase, this development would enable the asset to establish a strong foundation, causing it to decline. Volatility And attract new liquidity that will reinforce the observed upward movements. An extended accumulation period and less selling pressure will eventually provide BTC with a catalyst to rally to the $100,000 mark.
However, Negentropic urged investors to watch for wicks of liquidity as it retests the 20 simple moving average (SMA) below, noting that the development may make it difficult for traders to spot temporary channel breakouts.
It is worth noting that while Bitcoin is expected to reach $100,000 To stimulate a wave of optimism and attract investors old and new, the market expert highlighted a different scenario for Bitcoin when this crucial moment is achieved.
Addressing the ramifications of this important event, Negentropic warned that the long-awaited price range could lead to significant profit taking. This suggests that investors may be looking to sell their shares Collectibles At the pivotal level in order to secure profits in the event of fluctuations.
Meanwhile, the recent sell-off has not been as severe compared to March, when Bitcoin reached its previous all-time high of $73,000 and retested $70,000 in late May. He also stressed that the significant increase in profit-taking will increase the possibility of a price correction in the near term.
The return of positive sentiment for Bitcoin?
BitcoinThe sudden drop from the $99,600 range last Friday sparked speculation about a rise to $100,000 as the cryptocurrency asset continued to decline, retesting $91,000. During this period, investors went on a selling spree to lock in gains, which is believed to have driven down prices.
So far, Bitcoin appears to be slowly recovering from the recent decline, with the asset rising to… $93,000 once again. This slight rebound has reignited investor optimism towards its future performance which indicates an increase of over 9% in trading volume in the past day.
Featured image from Unsplash, chart from Tradingview.com