Bitcoin’s long-awaited journey toward the $100,000 milestone continues to spark debate among investors and analysts. The cryptocurrency recently reached an all-time high of $99,655 on November 22 before retracing to $86,000 over the weekend. As of now, BTC has bounced back to $98,203, leaving the market wondering if this is the moment it finally breaks the six-figure barrier
Bitcoin’s Current Trajectory
Bitcoin has come close to the $100,000 mark after years of speculation and anticipation. Many believed this milestone would be reached during the 2020 bull run following the halving, but the cryptocurrency peaked at $69,000 in November 2021. Now, with the 2024 halving fueling a fresh cycle of growth, optimism is higher than ever.
Recent catalysts include Donald Trump’s pro-crypto stance following his election win and the Federal Reserve’s pivot toward lowering interest rates. These macroeconomic factors have reignited bullish sentiment across the crypto market.
Key Predictions for Bitcoin’s Breakthrough
1. The Case for a Breakout
- TheMoonCarl believes Bitcoin has consolidated enough to push past $100,000, with a short-term target of $105,000 in the coming days.
- Ki Young Ju, co-founder of CryptoQuant, highlights the growing hashrate and increasing institutional demand for Bitcoin ETFs as signs of market strength. He argues that Bitcoin is far from its cyclical peak, indicating further room for growth.
2. Caution from the Bears
- Checkmate, a crypto analyst, warns of a significant wall of sellers at the $100,000 level, which could delay or cap Bitcoin’s rally.
- Michaël van de Poppe predicts a potential correction following a failed breakout, suggesting investors prepare for a retracement to $85,000–$90,000.
3. Bullish Optimism
- Doctor Profit offers a more optimistic view, claiming Bitcoin could quietly surpass $100,000 and even $106,000 before many investors realize it. Unlike van de Poppe, he does not foresee a significant pullback after breaching the milestone.
What Could Drive Bitcoin Higher?
- Rising Hashrate: Bitcoin’s computational power has reached new highs, often a leading indicator of price growth.
- Institutional Demand: Bitcoin ETFs are fueling demand, with issuers purchasing large amounts of BTC to back their products.
- Market Sentiment: Renewed enthusiasm from retail and institutional investors continues to push Bitcoin closer to six figures.
Should You Buy Bitcoin Now?
Bitcoin’s path to $100,000 seems imminent, but short-term risks remain. A breakout could attract significant buying pressure, but profit-taking or market resistance at this level could lead to a pullback. Long-term investors may see this as an opportunity to hold, while traders might capitalize on volatility.
Conclusion
The $100,000 milestone is within reach, supported by strong market fundamentals and growing demand. However, investors should remain cautious, as volatility and resistance levels could still impact Bitcoin’s trajectory. The coming days will be crucial in determining whether BTC can finally break this psychological barrier.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making investment decisions.
