Bitcoin is on the verge of a significant historical moment as several crypto experts foresee a potential path to the psychological $100,000 milestone following its recent upside momentum. Its renewed uptrend has allowed the largest crypto asset to break past multiple critical resistance levels, bringing its price much closer to the highly anticipated price level.
Aftermath Of Bitcoin At The $100,000 Mark
Given BTC’s robust upside action, Negentropic, a market expert and investor, has forecasted that BTC is on track to the $100,000 milestone, a pivotal level that could influence the dynamics of the entire digital asset sector. BTC surpassing this crucial level could trigger a wave of new and old investors and market activity, resulting in further future price growth.
The asset’s gradual ascent to the mark has sparked notable excitement and optimism in the community as many expect the development to bolster investors’ interest in BTC. While it is widely believed that the milestone will attract heightened interest from retail and institutional investors, leading to more gains, Negentropic has warned that this might not be the case.
With Bitcoin just a step away from hitting the $100,000 threshold, the expert has urged investors to engage cautiously because the level might lead to significant profit-taking. Should investors decide to sell their BTC holdings to lock in gains, the market may witness downward pressure, leading to price fluctuations.
After examining Bitcoin’s Net Realized Profit/Loss metric, the market expert pointed out that the sell-offs have not been as severe as they were when BTC reached its previous all-time high of $73,000 or in late May, where the digital asset saw a retest to $70,000.
However, in the event that indicators show a dramatic surge in profit-taking, it will increase the likelihood of a price correction in the near term, which would cause a shift in investors’ sentiment. Thus far, market watchers and traders are paying close attention to the market for the next big moment as BTC’s momentum lessens the distance to the pivotal $100,000 mark.
When A Price Correction For BTC Could Develop
Even though a price correction for Bitcoin is expected, Negentropic believes that the development might take a while to emerge, highlighting the period in which BTC could experience a decline.
Addressing speculations about a pullback, the analyst noted that the crypto asset might be overextended, but it is not yet due for a correction. “Bitcoin keeps surging past $90,000 without breaking a sweat. Overextended? Yes. Due for a correction? Not yet,” he stated.
Negentropic’s perspective is based on an analysis of the Bitcoin Fundamental Index, which is currently at its strongest levels this year, fueling BTC‘s upside momentum. As a result, the expert is confident that a price correction might take place when the fundamentals become weak.
