The Bitcoin Price Surpasses $100,000 Milestone: What Comes Next?
In a historic move, the price of Bitcoin has soared past the $100,000 mark for the first time ever. While this achievement is a momentous occasion for Bitcoin, it also raises questions about the future trajectory of its price.
Many analysts are optimistic about the continued bullish momentum of Bitcoin. However, a crypto analyst on TradingView has issued a cautionary warning, describing the $100,000 price level as a “dangerous zone.” According to their technical analysis, breaching $100,000 could trigger a significant correction in the Bitcoin price, potentially dropping it down to $72,000.
Why $100,000 Could Be a Turning Point for Bitcoin
After several failed attempts to break through the $100,000 barrier, Bitcoin has finally crossed this psychological threshold, opening up new price territory. Although there was a temporary retracement below $100,000, many investors remain hopeful, viewing this dip as a minor setback and believing that Bitcoin’s journey beyond $100,000 is far from over.
Contrary to the prevailing optimism, a TradingView analysis presents a more cautious and bearish outlook. The analyst points to $100,000 as a key resistance level that has attracted significant price activity, signaling a potential market structure break and a broader correction towards $72,200.
Bullish vs. Bearish Sentiment
If the bearish scenario outlined by the analyst materializes, it could lead to a broader market downturn, impacting other cryptocurrencies and potentially erasing recent price gains.
Despite these warnings, the crypto market is currently characterized by bullish sentiment, with the Fear & Greed Index at an extreme greed level of 81. Some analysts even project potential highs near $140,000 for Bitcoin, indicating a positive outlook for the leading cryptocurrency.
At the time of writing, Bitcoin is trading at $98,350, with recent fluctuations testing the $94,000 support level. While Bitcoin has managed to bounce back from this level, there is still uncertainty surrounding its future price movements.
Featured image created with Dall.E, chart from Tradingview.com