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Despite growing expectations that Bitcoin will reach the $100,000 level, one cryptocurrency analyst has predicted that this major target could provide… Psychological resistance For the leading cryptocurrency. Amid this bearish warning, the currency price rose Continuing upward movement Towards the elusive $100,000 mark has become the center of attention in the cryptocurrency community.
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Bitcoin price of $100,000 as psychological resistance
Cryptocurrency analyst Gert van Lagen recently moved to X (formerly Twitter). Announce To his 108,000 followers that the price of Bitcoin is It is approaching its all-time high of $100,000. The analyst suggested that a rise to $100,000 would be tantamount to hitting the key price levels of $10, $100 and $10,000 for the first time.
According to Lagen, hitting $100,000 is set to represent psychological resistance for Bitcoin, which could lead to a decline in the short term. Price volatility. Based on the analyst’s statements, this psychological resistance could temporarily stop the cryptocurrency’s rise above $100,000.
While sharing this bearish warning, Lagen also issued Bullish forecast for Bitcoinhighlighting that a rise to the target area of $220,000 to $320,000 was likely before Global recession While BTC could well receive this prediction if it continues its bullish momentum, the analyst emphasized that the timeline for reaching these heights may be limited.
In preparation for Bitcoin’s expected psychological barrier, Lagen advised cryptocurrency investors to sell their Bitcoin at the $100,000 level. Traders who take advantage of this strategy will have to bet on Possibility of price correction in Bitcoin Before it experiences any major breakout to the upside.
As the price of Bitcoin approaches the $100,000 level, the risks are rising, as analysts believe this key milestone could serve as a launching pad. Push the cryptocurrency to the highest price. Currently, the price is trading at $98,560, registering a 7.63% increase in the past seven days as bullish sentiment and momentum continue to grow.
Massive liquidation to follow if Bitcoin reaches $100,000
Although the cryptocurrency market is waiting Bitcoin price rises to $100,000a prominent analyst revealed that a massive liquidation could be implemented once BTC reaches this fundamental level. According to Ali Martinez, it is set to be $1.89 billion Filtered If Bitcoin jumps to the $100,625 level.
Based on the analyst chart, this Bitcoin liquidation represents “cumulative short liquidation leverage.” This analysis follows reports of large-scale Bitcoin liquidations, such as Martinez newly open 65,000 bitcoins, worth $6.37 billion, were withdrawn from exchanges.
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Martinez also revealed that Bitcoin’s TD sequence is as well Flashing Sell signal on 4-hour chart. Given this, the analyst expected a major correction to the $97,085 level. On the other hand, the analyst revealed that if Bitcoin manages to maintain a candlestick above $100,470, it will invalidate the bearish pattern and possibly push its price towards $102,656 or $104,343.
Featured image from Pexels, chart from TradingView
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