Bitcoin is about to rise: Breaking the threshold of $100K will attract market attention

Bitcoin is about to rise: Breaking the threshold of $100K will attract market attention

Cryptoanalysts agree that Bitcoin will not stay at that level for long after breaking the psychological $100,000 threshold. Historically, reaching this price mark for the first time is attracting strong investor attention and could mean further price growth. According to Nick Forster, founder of Derive and cryptocurrency expert, Bitcoin is unlikely to show significant consolidation around $100,000.

After its all-time high of $73,679 in March, Bitcoin has stabilized in a range of $53,000 to $72,000 for seven months. Now, however, the $100,000 price is expected to attract not only media attention but also new investors, which could trigger further volatility and potential growth.

"Bitcoin is still a memetic asset, and psychological barriers like this tend to generate headlines that attract new market participants and change the attitudes of existing ones," explains Forster. Cryptocurrency trader Matthew Hyland also highlights that the $114,000 price level is "loaded". He urges investors to take advantage of the upcoming three- to five-month window for growth.

Optimism among futures traders is evident - according to data from CoinGlass, $1.54 billion worth of long positions are at risk of being liquidated if Bitcoin falls below $100,000. At the same time, open interest in Bitcoin, a metric that tracks unsettled derivative contracts, rose 5.14% to $61.18 billion.

Forster also predicts that as the price of Bitcoin rises, there will be a rotation into altcoins, particularly Ether, which he says is "lagging the market so far." However, he notes that historically Ether has outperformed Bitcoin after reaching previous all-time highs. He adds that the higher the Bitcoin price goes, the bigger the "altcoin run" will be.

Dan Held, another influential cryptoanalyst, shares his views on the significance of this price floor. For him, the $100,000 milestone represents not only a price achievement, but also an important moment for Bitcoin's recognition as the reserve currency of the future. "The world is gradually recognizing Bitcoin as a stable value," says Held.

As the market situation evolves, Bitcoin seems to be on the cusp of a new upswing that could attract the attention of not only existing but also new investors. Time will tell if analysts' predictions will come true and Bitcoin will indeed become a dominant force in the cryptocurrency market.

*This is not investment advice.

Coingarage team