Top analysts warn that those planning to sell Bitcoin at $100K may regret it, predicting the asset will surpass this milestone and reach even higher levels.
Since Bitcoin broke the $90K level 12 days ago, it has largely remained in a holding pattern. But traders and market participants eagerly await its entry into the $100K range.
Last week, Bitcoin came within striking distance of $100K. Specifically, the asset entered the $99K range last Thursday and even rallied up to $99,600 the next day but has seen no further progress since then. BTC maintained a tight range between $97K and $99K for most of the weekend. While a dip to $95K occurred, it is back in the $98K range at press time.
In this latest Bitcoin news, Prominent market commentators, like analyst Rekt Capital, have attributed the stall to major resistance around the lofty $100K price point. He noted that Bitcoin is facing rejection at $100K, as some crypto traders believe selling Bitcoin at $100K is a good idea.
With the $100K zone seeing unprecedented interest from crypto enthusiasts and the global financial market, some investors think it is a good point to take profits and exit the market. As a result, Bitcoin keeps flirting with $100K rather than breaking into that range.
Bitcoin Sellers at $100K Will Regret Their Move
However, Rekt Capital expressed confidence that those who think selling at $100K is a good idea will not hold that belief for long. He suggested the asset will ultimately surpass the $100K mark, and those who sell now may come to regret their decision.
Other market participants share a similar view. Paolo confidently stated that sellers offloading Bitcoin at $100K will eventually tell their grandkids about the worst financial decision they ever made, much like those who sold at $1,000, $10,000, and $20,000 before them.
Other commenters, like Erwin, remarked, “$100K is a magnet and will soon be broken.”
Veteran market watchers, like Peter Brandt, have also weighed in on Bitcoin’s widespread perception around the $100,000 mark. Brandt noted that this situation reflects a form of conventional wisdom—where the majority of market participants believe Bitcoin will peak at $100,000.
However, he pointed out that when conventional wisdom becomes deeply entrenched, it often signals the opposite trend, as widely held beliefs tend to be wrong in the long run. Essentially, Brandt sees higher levels for Bitcoin beyond $100K.
$5.4B Capital Deployed into Bitcoin Ahead of $100K
Meanwhile, amid traders planning to liquidate their holdings around $100K, Bitcoin bull Michael Saylor’s MicroStrategy has just acquired 55,500 BTC tokens at an average cost of $97,862, deploying $5.4 billion to make the new acquisition. This move, as Bitcoin approaches $100K, confirms Saylor’s strong belief in even higher targets for the asset.
MicroStrategy has acquired 55,500 BTC for ~$5.4 billion at ~$97,862 per #bitcoin and has achieved BTC Yield of 35.2% QTD and 59.3% YTD. As of 11/24/2024, we hodl 386,700 $BTC acquired for ~$21.9 billion at ~$56,761 per bitcoin. $MSTR https://t.co/79ExzXk4UM
— Michael Saylor⚡️ (@saylor) November 25, 2024
