Why is BTC hovering around the 90,000 mark? Can it reach 100,000? When?
Recently, BTC has been stuck around 90,000 for almost a week, fluctuating between 88,000 and 93,000. Why is it stuck at 90,000? Since June 6, when Trump was elected, Bitcoin has skyrocketed almost without pause, having increased by 35% to date. What does this 35% mean? Bitcoin's current market value is approximately 1.8 trillion, competing with the total market value of silver. This 35% increase is equivalent to an additional 0.46 trillion in wealth; BTC is not the BTC it used to be.
With this wave of increase, many people have made money, and the 90,000 price point has become a psychological barrier for everyone. Thus, at 90,000, many people choose to pocket their earnings, which is a normal thing to do. To break through the 100,000 barrier, one needs to gather enough momentum. Therefore, adjusting around 90,000 and building strength is the result of everyone’s struggle!
So, how will BTC perform next? I think it will fluctuate and rise, but those with leveraged positions might feel some discomfort. If you have leverage, it might be wise to pull back (of course, those who bought at lower levels can hold on without issue) and wait for a better opportunity to strike.
93,000 is a tough challenge; if it breaks through, can it soar? I don't think so. It’s not that it can’t rise, but if it does, the journey may not be as smooth as before; the volatility might be significant.
If BTC really rallies to 100,000, the market inertia may lead to 120,000 or 140,000, but there will definitely be a pullback afterward. After the pullback, it might be the dawn of altcoins.
Finally, I wish everyone’s investments rise and everyone prospers next year!
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