Bitcoin’s path to $100,000 won’t be a smooth ride. Recent fluctuations, including a drop from nearly $100K to around $91K, have sparked debate among traders and analysts about the coin’s future direction. However, Joe Consorti, Head of Growth at Bitcoin custody firm Theya, believes this dip is just part of Bitcoin’s normal price discovery process.
Let’s take a closer look at what’s in store for the cryptocurrency as it inches closer to $100K.
As Bitcoin moves toward new all-time highs, psychological resistance levels play a key role in driving price fluctuations. Consorti explains that pullbacks like this are common during Bitcoin’s early bull market phases.
Historically, Bitcoin has faced similar corrections after reaching significant price milestones—like in 2021, when Bitcoin hit $60,000 but then saw sharp retracements.
The recent dip, about 8.7% from its peak, fits this pattern. Long-term holders (LTHs)—those who have owned Bitcoin for at least 155 days—are often the ones taking profits during these price surges. This profit-taking is one of the factors that adds to market volatility.
In fact, over the past few weeks, LTHs have sold more than 400,000 BTC, contributing to the recent price drop.
With Bitcoin’s recent price drop making headlines, it’s the perfect time to read Bitcoin price prediction and stay ahead of the curve in this volatile market!
While LTHs have been selling, institutional buyers have been stepping in to help support Bitcoin’s price. Bitcoin ETFs and major corporations, such as MicroStrategy, have been buying up large amounts of Bitcoin, helping to offset the selling pressure from LTHs.
This institutional support has helped keep Bitcoin’s price from falling too much, adding a stabilizing force to the market.
Bitcoin’s price is also sensitive to global liquidity trends, particularly the M2 money supply. When global M2 contracts, Bitcoin often follows suit, which could lead to further corrections—possibly as much as 25%, according to analysts. Despite this, Bitcoin’s resilience against tightening liquidity, supported by strong institutional buying, suggests that its upward momentum could continue once LTHs finish taking profits.
As Bitcoin approaches the $100K mark, Consorti encourages investors to look past short-term price movements.
Bitcoin’s road to $100K is paved with twists and turns, but its long-term potential remains as strong as ever.
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