1. Approaching 100,000: Lingering Before the Milestone
Bitcoin bravely breaks through the 99,800 USD mark, edging closer to the iconic psychological level of 100,000 USD. While demonstrating a strong price trend, it leaves investors uneasy as it has yet to cross this threshold. Market demand is surging, leading many to believe a breakthrough is imminent, spreading optimistic sentiment. CryptoQuant data indicates that Bitcoin has realized profits at a historic peak, with daily earnings of 443 million USD, highlighting significant buying pressure. However, profit-taking has also raised concerns among some investors about a potential halt in the upward trend, viewing it as a possible signal of a local peak.
2. Continuation of Bullishness: Outlook After the Breakthrough
From 66,800 USD, it has surged to 99,800 USD, entering an unexpectedly strong bullish phase for 2024. As prices approach 100,000 USD, many previously skeptical investors are adjusting their expectations. Strong demand and market confidence are driving prices upward, and once a breakthrough occurs, analysts remain optimistic about sustained bullishness, solidifying its dominant position in the crypto space. However, market dynamics indicate that the road to 100,000 USD may be fraught with challenges; this phase of adjustment may be unavoidable and beneficial for market health, as pullbacks could provide rebound opportunities for altcoins. CryptoQuant analyst Maartunn points out the substantial profit-taking behind Bitcoin's record-high realized profits, raising concerns among cautious investors about a local peak. Nevertheless, Bitcoin still has room for growth, and holding above the 95,000 USD support level could maintain the bullish momentum, while moderate adjustments could aid in the breakthrough.
3. Key Test: The Moment of Decision for Bulls and Bears
Currently, Bitcoin is stable above 97,000 USD, maintaining a bullish trend, targeting 100,000 USD. This price point is a significant psychological and technical barrier, and the market is optimistic about its breakthrough potential. However, concerns persist that Bitcoin may be at a local high; if this proves true, it could enter a consolidation phase lasting several weeks. Analysts believe that if it holds above 98,000 USD in the coming days, it could sustain bullish momentum and facilitate a breakthrough; conversely, losing the 97,000 USD level could trigger a healthy adjustment, with prices possibly retreating to the 92,000 USD key demand zone for support, laying a foundation for another upward rally and solidifying the long-term bullish trend.
The information provided in this article is for reference only and does not constitute any type of advice.
