While Bitcoin's surpassing the $100,000 psychological barrier requires many attempts in light of historical data, investors are waiting for a new wave of demand.
While Bitcoin’s psychological barrier of $100,000 has caught the attention of market participants, historical data shows that it takes more than one attempt to break such milestones. Historically, it has taken Bitcoin 15-30 attempts to break the psychological barrier of a round number.
Bitcoin has raised investor excitement by twice reaching within 2% of the $100,000 level in November. However, according to Glassnode data, it usually takes 15 to 30 tries to break such large round numbers. According to data published by CoinGecko analysts, the $10,000 barrier was tested 21 times before it was first broken in 2017. Similarly, the $70,000 mark was passed after several attempts.
Why were 80 and 90 thousand dollars exceeded easily?
Donald Trump’s election victory in November created an unusual momentum in the markets. This caused the $80,000 and $90,000 levels to be crossed with only a few attempts. However, $100,000 stands out as a different area. This level was very close on November 21 and 22, but a strong rise has not yet occurred.
Analyst James Van Straten says that multiple tests may be needed in the coming weeks to break the $100,000 barrier. While the market is waiting for a new wave of demand to break this level, historical data indicates that this process may take a long time.
Stay tuned for new information