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Bitcoin (BTC) recently achieved a historic milestone, crossing the $100,000 mark amid significant market speculation and investor interest.
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As BTC surged to an all-time high of $104,000, experts suggested that the momentum could continue, projecting potential targets even higher while also acknowledging the risk of a pullback.
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According to a report from CryptoQuant, “BTC could eye $146K as a cycle top and $112K as the end-year target,” indicating strong bullish sentiment despite market corrections.
Bitcoin soared past $100K, hitting $104K, as analysts predict potential highs of $146K, balanced by risks of pullbacks. Explore the latest BTC insights!
What’s next for BTC?
Commenting on the same, SwissBlock, a crypto research firm, acknowledged that Powell’s impact was a surprise but a great welcome for the digital asset. The firm stated,
“It’s a Happy $100K! Definitely, Fed Chairman Jerome Powell pumping Bitcoin wasn’t on our bingo card. Our next short-term target? $105K.”
On his part, Arthur Azizov, CEO of B2BINPAY, an all-in-one crypto ecosystem for business, told COINOTAG that the pump was linked to Trump’s nomination of pro-crypto Paul Atkins as SEC chair.
Azizov added that BTC may consolidate at $100K before a pullback to $85K.
“I believe Bitcoin’s price will consolidate around $100,000 before retracing to five-digit levels, potentially settling near $85,000 in the following months.”
Crypto research firm Presto Research also cautioned that the rally could attract profit-taking.
However, the research firm also noted that the $100K could attract more demand from institutional investors.
“We believe there is more room for a rally, as there must be some demand waiting for BTC to break 100k, which will capture more public attention.”
Now, what are BTC’s next key levels?
CryptoQuant’s Ki Young Ju projected that, based on the realized cap price band, BTC could eye $146K as a cycle top and $112K as the end-year target.
Source: CryptoQuant
Investor Sentiment and Market Trends
The recent surge past $100,000 has undoubtedly attracted the attention of both retail and institutional investors. Many market analysts believe that this surge represents a growing acceptance of Bitcoin as a legitimate asset class.
Investor sentiment appears to be strongly bullish, with institutions increasingly recognizing Bitcoin’s potential as a hedge against inflation and market volatility. Elon Musk, among others, has previously shared positive sentiments about cryptocurrencies, further shaping public perception.
Furthermore, the entry of forex traders and traditional asset managers into the crypto market is contributing to the increased liquidity and stability of Bitcoin. Analysts predict that as more institutional money flows into Bitcoin, its price could stabilize at higher levels, making the cryptocurrency less prone to extreme volatility.
Conclusion
In summary, Bitcoin’s recent performance underscores the complex interplay between market sentiment, regulatory developments, and institutional demand. With the price now above $100,000, BTC faces potential short-term consolidation, followed by exciting opportunities for upward movement. Investors should remain mindful of the inherent risks while also recognizing the transformational potential Bitcoin holds for the financial landscape.
