Bitcoin (BTC) continues its march toward the coveted $100,000 mark after setting another all-time high above $94,000 on Nov. 19.
Even though this move to new record highs did not spark “euphoria,” analysts say it is necessary for pushing BTC price higher.
BTC/USD daily chart. Source: TradingView
Lack of crowd euphoria "encouraging sign” for BTC
Bitcoin price ended its five-day choppy price action on Nov. 19, rising as much as 4% from a low of $90,407 to set a new all-time high of $94,002, as per data from Cointelegraph Markets Pro and TradingView.
Despite this new milestone, there was lackluster crowd interest, with market intelligence firm Santiment describing the commentary across social media as “lukewarm at best.”
“Crypto community showing a surprising level of disinterest and disbelief as Bitcoin makes history, edging close to $100K,” Santiment said in a Nov. 20 post on X.
The onchain data analysis firm added that the lack of euphoria on social media was an “encouraging sign” for Bitcoin’s price as fear of missing out (FOMO) often leads to corrections.
“As long as there is retail trader disbelief, whales can continue pumping cryptocurrencies with little resistance.”
Bitcoin ratio of positive vs. negative commentary on social media. Source: Santiment
This is corroborated by data from Google Trends which shows investor interest in Bitcoin has waned over the past week as BTC price ranged around $90,000. The chart below shows the social media interest in Bitcoin over time.
Although the latest rally to the previous all-time high at $93,480 on Nov. 13 resulted in the highest interest since 2021, the metric has dropped from 100 to 48 over the last seven days.
The chart below shows that the social media interest in Bitcoin rarely moved on Nov. 19 when BTC price hit its current all-time highs.
Bitcoin interest over time. Source: Google Trends
“The lack of euphoria in the market might indeed suggest continued growth without significant corrections,” said CryptoQuant author IT Tech in response to Santiment’s observation, adding that it is “good news for long-term investors.”
$100,000 Bitcoin price “is coming” — analyst
Bitcoin’s potential climb to $100,000 has captivated crypto enthusiasts for years. Bitcoin’s multiple all-time highs since US election day have left traders and analysts convinced that this might soon become a reality.
“$BTC just started its parabola like in previous cycles,” popular analyst Moustache said in their latest Bitcoin analysis on X.
The analyst shared the chart below showing BTC price playing out a similar setup as the one that happened just before the 2021 parabolic move.
According to the analyst, BTC is just at the beginning of this cycle’s parabolic phase, and if it follows the same trajectory, the price could move exponentially to areas above $100,000.
“$100,000+ is coming ladies and gentleman.”
BTC/USD weekly chart. Source: Moustache
MN Capital founder Michael van de Poppe shared similar sentiments, saying that the market could “see Bitcoin go to $100-120K” in the coming 1 to 2 months.
Bitcoin’s potential to hit $100,000 “continues to hold the highest concentration of open interest,” trading firm QCP Capital said in a note to investors.
It added that Bitcoin’s spot price holding above $90,000 over the past few days provides the “foundation BTC needs for a move higher.”
In a follow-up note, QCP Capital expresses confidence that options trading activity for BlackRock's spot BTC ETF (IBIT) following its strong market debut on Nov. 19 underscores “the growing institutional confidence in Bitcoin as a mainstream asset class.”
“This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.”
Meanwhile, Bitcoin analyst Bitcoin Munger shared a Glassnode chart showing intensive accumulation across all cohorts, adding that BTC is likely to go “way past” $100,000.
Source: Bitcoin Munger
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
