#BTC上攻11万？
Can Bitcoin break through the $110,000 barrier? Santiment reveals key obstacles!
Recently, Bitcoin's price has rebounded, and the other night it even approached the $100,000 mark, with market confidence soaring.
However, the good times didn't last long, as many investors began to take profits, causing Bitcoin's price to drop several thousand dollars shortly after.
Where does the change lie?
The analytics firm Santiment has consistently emphasized the significant impact of market consensus on asset price trends, but often the actual situation is contrary to public expectations.
The situation over the past two days has once again confirmed their viewpoint. Bitcoin's price rose from $94,000 before Christmas to nearly $100,000 the other night, but then it stalled and has now returned to around $98,000.
Santiment pointed out, "Traders are becoming bullish again, and the expectation for $110,000 is growing stronger." Although this seems to be good news for Bitcoin, Santiment reiterates its stance that cryptocurrencies often go against public expectations, and historically, Bitcoin can only break through $100,000 when the public does not anticipate it.
During the Christmas period, Bitcoin performed remarkably, with its price nearing $100,000. Traders are now generally optimistic, and predictions of $110,000 are rampant. However, based on historical experience, we can only truly see Bitcoin challenge $110,000 when the public is not anticipating it.
Profit-taking and market adjustment
About a week ago, Bitcoin's price plummeted from $108,000 to $92,000, as investors rushed to sell their assets.
On December 23, Bitcoin's profits exceeded $7.17 billion.
This technical analyst also pointed out that $97,300 is a key support level for Bitcoin, as a large number of investors purchased approximately 1.5 million Bitcoins at this price point. Statistics show that 1.51 million wallets spent nearly $150 billion to turn this price point into solid support.
The most important support level for Bitcoin is at $97,300, where approximately 1.49 million Bitcoins were purchased by around 1.51 million wallets.
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