- Bitcoin finally breaks the US$100k barrier, trading at US$103,113, marking a significant psychological milestone and a 51% rally post-US election.
- Analysts predict potential spikes to US$150k, though Raoul Pal sees a turning point at US$110k with a potential correction below US$70k by early 2025.
- Glassnode analysis shows “Very High Risk” signals, indicating substantial unrealised profits and suggesting imminent profit-taking.
- The breakthrough has spurred celebration among crypto enthusiasts, despite looming risks of market correction.
Bitcoin has just broken through the US$100k mark, an important psychological barrier. At the time of writing, BTC is trading at US$103,113 (AU$160,113) as it seeks its new price level. This marks a 146% price increase in 2024 and a remarkable 51% rally since Donald Trump’s early November election, an event that kicked things off.
Of course, the move past this goal is not entirely unexpected, most observers or analysts have anticipated it to happen before the end of 2024. So, where to from here?
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Swyftx Lead Market Analyst Pav Hundal told CNA just prior to the historic breakthrough, that as BTC has been below the $100k level for this long, it could potentially experience a sudden and sharp rally.
I think since we’ve spent so long under $100k, that we probably get what people don’t expect, and that may come in a blinding rally to as high as $110, $120, $150k. It’s hard to say but if the market is chasing we could see a big move.
Pav Hundal, Swyftx Lead Market AnalystAnd Raoul Pal, founder/CEO Global Macro Investor, told his followers recently that US$110k (AU$171k) could be a turning point for the short-term. He believes from that point we might see a correction to possibly below US$70k (AU$107.7k) by February 2025.
A Much-Anticipated Milestone Reached
Many are now undoubtedly celebrating after a long crypto winter, with numerous traders and investors likely eager to take profits.
According to a Glassnode analysis, several risk indicators are now in the “Very High Risk” zone, signalling high unrealised profits and a heightened risk of correction.
Even prior to breaking through the 100k barrier, the analysts wrote that the Realized Profit/Loss Ratio reveals significant profit-taking, suggesting demand might be waning.
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Whether this holds true or we see a continuation of the current rally, breaking through the 100k barrier is 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 579k followers of the many troubles and obstacles that had been standing in the way of this milestone.
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