Will BTC still reach $100,000 this year?
Why did the market pull back in the past few days? Let's talk about it in hindsight today:
On June 7, the non-farm payrolls data released by the United States performed strongly and exceeded expectations. In May, non-farm payrolls increased by 272,000, far higher than the expected 185,000. This data shows the strength of the job market, which has further weakened the market's hope for the Fed's interest rate cut in September. This change in expectations will inevitably cause a market reaction.
On the same day, China's State Administration of Foreign Exchange released the latest data, showing that my country's gold reserves were 72.8 million ounces at the end of May, the same as at the end of April, ending the previous 18 consecutive months of growth. The news caused the prices of gold and silver to plummet that day, with gold falling 3.3% and silver falling 6.6%. It can be expected that this event also affected the decline of the cryptocurrency market to a certain extent.
However, even in the face of these events, many people's attention is still focused on one question: Can Bitcoin still rise to $100,000?
The current price of Bitcoin (BTC) is basically dominated by three types of holders: whales, whales, and sharks. By observing the on-chain data, it can be found that the Bitcoin holdings of these three types of fish tend to be stable and less volatile. In other words, although big fish, crabs and shrimps are relatively frequently changing hands, they have little direct impact on the general direction of Bitcoin prices.
Therefore, the next market fluctuations need to pay more attention to macroeconomic variables, especially the US inflation data and the Fed's interest rate cut decision, which will directly affect the price of Bitcoin. From the overall situation, we still believe that the price of Bitcoin may reach or approach $100,000 this year. Of course, the greater possibility at present is that Bitcoin will continue to consolidate between $60,000 and $73,000. Everyone can focus on market changes from September to October.
In general, although the short-term trend is difficult to predict, we are always optimistic about the long-term trend of Bitcoin. Firmly hold the Bitcoin in your hands, strive to make small positions into large positions, and realize the transformation from shrimps to crabs, and from crabs to big fish!
