Bitcoin finally broke the US$100,000 barrier and traded at US$103,113, marking an important psychological milestone and registering a 51% post-US election rally. Analysts are predicting a possible jump to USD 150,000, but Raul Pal sees USD 110,000 as the tipping point and could fall below USD 70,000 by early 2025. There is. Glassnode analysis shows a “very high risk” signal, indicating significant unrealized gains and suggesting an imminent profit-taking. Despite the looming risk of a market correction, this milestone has sparked celebration among crypto enthusiasts.
Bitcoin has just broken through the US$100,000 mark, an important psychological barrier. At the time of writing, BTC is trading at US$103,113 (AU$160,113), heading for a new price level. This marked a 146% price increase in 2024 and an astonishing 51% increase since the election of President Donald Trump in early November, triggered by this event.
Bitcoin (BTC), all-time chart, source: CoinMarketCap
Of course, a move beyond this target is not entirely unexpected, with most observers and analysts expecting it to happen by the end of 2024.
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Pav Hundal, chief market analyst at Swyftx, told CNA just before the historic breakthrough that BTC had been below the $100,000 level for so long that a sudden, sharp rally could happen. He said there is.
We've spent so much time under $100,000 that we're probably getting things that people aren't expecting, and then it's a dizzying rise to $110, $120, $150,000. I think it could go up to the dollar. It's hard to say, but we could see a big move if the market is chasing us.
Pav Hundal, Swyftx Lead Market Analyst
And Raul Pal, founder and CEO of Global Macro Investor, recently said that US$110,000 (A$171,000) could be a short-term tipping point. he told his followers. He believes it could correct to below US$70,000 (A$107,700) between then and February 2025.
Reaching a long-awaited milestone
Many traders and investors may be eager to take profits, and there is no doubt that many traders and investors are currently celebrating the end of the long crypto winter.
According to Glassnode's analysis, several risk indicators are currently in the “very high risk” zone, indicating high unrealized gains and rising correction risk.
Even before breaking the 100,000 barrier, analysts wrote that the realized P&L ratio revealed significant profit-taking, suggesting demand may be waning.
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Whether this is true or we see a continuation of the current rally, breaking the 100k barrier was a significant moment and Crypto Twitter celebrated in style.
Crypto analyst Miles Deutscher said everyone in the crypto community deserves to celebrate. He reminded his 579,000 followers that there were many problems and obstacles that stood in the way of this milestone.
we survived:
•FTX
• LUNA/UST collapse
• Celsius/BlockFi/Voyager Implosion
• Operational choke points
• Binance FUD
•USDC Depeg
•USDT FUD
• A downward trend that continues for many months.
And now we're here to witness $100,000 #bitcoin
We deserve this pump! pic.twitter.com/1300r8tJX2
— Miles Deutscher (@milesdeutscher) December 5, 2024
