Bitcoin price prediction – Should you buy and is $100K still on the cards?

As an experienced analyst, I believe that the recent recovery of Bitcoin (BTC) in the last 24 hours is a positive sign for the cryptocurrency market. Despite the selling pressure that rose in the past week, causing BTC’s value to drop below $56,000, the market trend seems to be changing now. The potential bull rally that many are expecting might be an excellent opportunity for investors to accumulate more BTC.

Over the past week, Bitcoin’s value took a nose dive and dipped below the $56,000 mark on the graphs. The fear-inducing rumors surrounding Bitcoin sparked concerns, leading some to believe that its price could continue plummeting.

As a crypto investor, I’ve noticed a significant shift in the market trend within the past 24 hours. Some optimistic voices in the community believe that Bitcoin’s price movement could be an early sign of its approach to reaching $100,000.

Bitcoin eyeing $100k?

As a crypto investor, I’m thrilled to report that Bitcoin’s daily chart has officially turned green, signaling an end to the bearish trend. According to CoinMarketCap, in just the past 24 hours, Bitcoin has surged more than 3.5%, bringing its current price up to $59,623.01. With a market capitalization now exceeding $1.17 trillion, it’s clear that the market confidence in Bitcoin is stronger than ever.

As a crypto analyst following the market closely, I’ve noticed an intriguing development recently. Based on my analysis, the latest price correction could potentially mark the end of Bitcoin’s (BTC) deviations from its path toward reaching $100,000. Historically, when such price corrections have occurred, BTC has experienced a surge in bullish momentum shortly thereafter.

To be precise, similar episodes happened in March 2023, June 2023, and January 2024.

It’s plausible that Bitcoin reaching $100,000 in the near future has become more likely, given the recent decline in its Network Value to Transactions Ratio (NVT). This indicator implies that the cryptocurrency might be currently underpriced.

Bitcoin price prediction – Should you buy and is $100K still on the cards?

Are investors buying Bitcoin?

Given the apparent likelihood of a significant upward trend in Bitcoin’s price, it could be an ideal moment for investors to acquire more BTC.

To examine if the demand for Bitcoin was strong, AMBCrypto analyzed its key performance indicators. Notably, we observed a significant increase in Bitcoin’s exchange holdings. The current exchange balance amounted to approximately 2.33 billion BTC as of the latest update.

Bitcoin price prediction – Should you buy and is $100K still on the cards?

As an analyst, I’ve observed a trend where investors have been offloading their Bitcoin (BTC) holdings recently. Moreover, the quantity of BTC held in exchanges increased noticeably over the past week, while the amount kept off-exchange decreased.

As a researcher studying the Bitcoin market, I observed that the selling pressure became increasingly evident based on the heightened exchange inflows over the past week. These inflows, indicative of coins being moved from private wallets to exchanges for sale, experienced multiple spikes during this period.

It’s worth pointing out that despite an increase in demand to sell Bitcoin, this didn’t dampen the overall market optimism. An examination of Santiment’s statistics by AMBCrypto indicated a rise in BTC‘s weighted sentiment, signaling the prevalence of bullish attitudes among investors.

Read Bitcoin’s [BTC] Price Prediction 2024–25

As a crypto investor, I’ve observed that the social buzz surrounding Bitcoin has remained robust, indicating its continued dominance and popularity within the cryptocurrency realm.

It will be intriguing to observe if investor confidence is strong enough for Bitcoin to continue its path towards reaching $100,000.

2024-05-03 19:04

Bitcoin eyeing $100k?

Are investors buying Bitcoin?

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