Bitcoin (BTC) is nearing the long-awaited psychological level of $100,000 (or $100k) per coin, bringing mixed feelings among analysts. While some are dominated by pure euphoria, eyeing the next round target for BTC price, others show disbelief or caution.
“What happens when Bitcoin hits $100k,” asked Eric Balchuas, Bloomberg’s senior ETF analyst, who has been actively covering BTC ETFs. His post on X got over 1,800 comments in 10 hours, with many analysts and commentators giving their opinion.
Bitcoin price analysis, as BTC flirts with the $100,000
Finbold collected some of these comments and analyses to understand what “the crowd” has to say about Bitcoin’s $100,000. As of this writing, Bitcoin is trading at $98,440, retracing from the $99,500 recent all-time high.
Earlier this morning, Finbold covered an increasing “short” interest among BTC traders as Bitcoin nears the psychological resistance.
Euphoria: Bitcoin bulls eye BTC at $1 million after $100k
In this context, Bitcoin bulls dominate the comments, either celebrating, sharing memes, or eyeing the next surge beyond $100k.
Some bullish analysts are more cautious, raising their targets to $120,000, as Crypto Stream said. Others, like Cryptofucious, are already looking for the next $100,000, saying “the first $100k are the hardest.”
Yet, none of them are as bullish as Bitcoin Archive and its followers, optimistically calling for BTC at $1 million.
We get bored within 15 minutes and then make memes like “Bitcoin to €1m is inevitable”
…and we make that happen too 😅
— Bitcoin Archive (@BTC_Archive) November 21, 2024
Overall, this dominating positive sentiment illustrates well a previous analysis from CryptoQuant’s founder, Ki Young Ju, that Finbold reported about. According to the onchain analyst, Bitcoin has entered a “euphoric phase,” which may soon set its “top” under increased euphoria.
Analysts expect a pullback followed by an altseason;
Meanwhile, trading experts see an inevitable corrective pullback before the next upward movement, which could come after crossing $100,000. Brooklyn, for example, expects BTC to reach “$104k” and retrace to “mid 90s,” cooling off the euphoria. “Everyone calls it a blow-off top,” the analyst said. “And then it rips to [a] new high.”
Notably, one of the most thoughtful answers was from CryptoRodo, tracing a roadmap that leads to a highly-expected altseason. The analyst believes Bitcoin will experience a 20% to 30% correction from the $100k zone, causing “people” to “leave.”
However, he expects institutional investors to continue buying in a bullish continuation for BTC, although not as aggressive as before. Then, CryptoRodo forecasts altcoins will do “10x, 20x, 50x,” pulling Bitcoin to a parabolic move and making retail go “crazy.”
The researcher places BTC’s top between $150,000 and $180,000 while “all the media assure we’ll touch the $200k.”
20-30% dump, people leave, institutional investors keep buying, bitcoin goes up again but not that agressive, bitcoin dominance starts falling, altcoins start pumping like crazy, bitcoin keep up but sideways, 10x, 20x, 50x in altcoins, bitcoin go parabolic, retail gets crazy, we…
— CryptoRodo (@RodolfoPozoA) November 22, 2024
All things considered, the different projections on what happens after Bitcoin reaches $100k illustrate the market’s volatility and unpredictability. BTC has had an impressive rally this year, now favored by a potentially more friendly regulatory environment in the US.
Now, investors eagerly wait to see what is next for the leading cryptocurrency and its pairs in the upcoming 2025.
Featured image from Shutterstock.
