Bitcoin Enters a New Era: Target on the Horizon - 100 000 USD

Bitcoin Enters a New Era: Target on the Horizon - 100 000 USD

Bitcoin is experiencing an exciting period as it prepares for a possible breakthrough to the magical $100,000 mark. Before Wall Street opens, traders are experiencing a final push for the BTC price to reach this historic milestone. Currently trading around $97,381, Bitcoin has strengthened significantly, posting rapid gains on November 21 thanks to a liquidity squeeze in the market.

According to data from Cointelegraph Markets Pro and TradingView, there was what popular trader Skew referred to as a "pop" into liquidity, a sign of an impending breakout to a six-figure price. At the time of writing, the price of BTC/USD has risen nearly 3% and is less than $3,000 away from an all-time high. Skew said on the X platform that if big sellers are to break out, now is the time, adding that new orders above $100,000 could be "cathartic" for the price.

The new demand liquidity appearing on the exchange books confirms that the market is starting to price above the $100,000 mark, and the phrase "we're in for a big day" is becoming popular among traders.

There has long been talk about the importance of the $100,000 threshold, which seems to be within reach faster than many would expect. Bitcoin has appreciated 38% in the past three weeks, raising questions about its ability to maintain this momentum. Charles Edwards, founder of quantitative fund Capriole Investments, noted that it can be hard for the average person to understand Bitcoin at over $100,000. With this price, the masses are expected to re-enter the market with fear of missing out (FOMO).

According to CoinGlass monitoring data sources, there have been over $92 million worth of short BTC positions liquidated in the last 24 hours, indicating increased interest in Bitcoin.

Watch out for Retests and Possible Corrections

However, while hopes for continued growth are strong, some analysts warn that a retest of support would be a healthy move confirming the strength of the market. Trade source Material Indicators suggested that a low range of around $90,000 would be appropriate for a pullback. According to an analysis on Binance, the largest exchange, there is currently a lack of liquidity associated with buying below that price.

This development may affect the future direction of the Bitcoin price, although interest in BTC remains strong. Demand liquidity between 98k and 100k USD suggests that the market is in for a big jump, but there is also a risk that the price will revert to confirmation of previous support.

As the situation evolves, traders should be vigilant, monitor market trends and prepare for possible fluctuations. But one thing is certain - Bitcoin is on the threshold of a new era, and all eyes are now on that coveted $100,000 mark.

*This is not investment advice.

Coingarage team