Bitcoin's journey has never been smooth sailing. Recently, Bitcoin's price retraced from nearly $100,000, its historical peak, to about $91,000, triggering intense discussions both within and outside the market. Industry experts believe this adjustment is not only reasonable but also an important stepping stone for Bitcoin to reach higher prices.
According to Joe Consorti, growth director at Bitcoin custody company Theya, this adjustment is a normal part of the price discovery process, especially in the early stages of a bull market. Historically, whenever Bitcoin crosses significant psychological barriers, such as the current $100,000 mark, it experiences similar price corrections.
The bull market of 2021 is a typical case. At that time, Bitcoin significantly retraced from $60,000 before hitting new highs again. This adjustment (about 8.7%) is consistent with previous patterns. Long-term holders (LTH) — those who have held Bitcoin for over 155 days — usually choose to take profits when prices peak. According to data, in recent weeks, LTH have cumulatively sold over 400,000 Bitcoins, becoming the main driver of this price decline.
But unlike in the past, institutional buyers have played a 'stabilizing' role in this round of the market. Whether it’s the launch of Bitcoin ETFs or companies like MicroStrategy purchasing Bitcoin on a large scale, these actions have helped absorb the selling pressure in the market. This 'relay race' has made Bitcoin's adjustment more contained compared to previous instances, laying the groundwork for subsequent increases.
Despite significant support from institutional buyers, the market must remain vigilant against the potential impact of global liquidity tightening on Bitcoin. Historical data shows a high correlation between Bitcoin's price and the M2 money supply (i.e., market liquidity). As global central banks tighten policies and M2 contracts, Bitcoin's price may face a further retracement risk of up to 25%.
However, this is precisely where Bitcoin's unique resilience lies. Even in a tightened liquidity environment, its popularity remains high. As Consorti said, the long-term bullish logic for Bitcoin remains unshaken, especially as institutions and high-net-worth investors view it as a hedge against inflation and a reserve asset.
Breaking through $100,000 is not only a price breakthrough but also a psychological one. This key level will not only transform Bitcoin from a 'speculative asset' to a mainstream store of value but will also further enhance its position in the traditional financial system.
Joe Consorti emphasizes that investors should view Bitcoin from a long-term perspective, rather than focusing solely on short-term fluctuations. Although deeper adjustments may occur in the short term, this is merely Bitcoin's 'warm-up' before hitting new highs. In the long run, institutional support, an increasingly improved regulatory environment, and its unique decentralized value will become the core driving forces for Bitcoin's continued strength.
The road to Bitcoin reaching $100,000 may be rocky, but it is full of hope. Short-term adjustments are not only normal but even healthy, providing the market with new entry opportunities. When Bitcoin truly stands at $100,000, it will not only represent a victory in a financial game but also an important milestone in the global digital economy.
The last question — do you think Bitcoin's story is over? Clearly not. Follow me, and let's continue to write the next legend of $100,000!
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