Bitcoin price back at $100k could trigger profit-taking, analysts warn

While Bitcoin approaches $ 100,000, market observers provide for short -term consolidation, although the active trend is likely to continue.

Bitcoin (BTC) The price of return to $ 100,000 could cause a “short-term consolidation”, warn analysts, although the long-term perspectives of cryptocurrency remain positive. While the main psychological levels often lead to profits, analysts highlight the increase in Gold to new peaks of all time as a sign of growing dynamics for alternative assets.

Matrixport analysts noted that the change of feeling that started in the summer of 2023, when gold exceeded $ 2,000, stimulated Bitcoin prospects because it was increasingly considered as a form of digital gold, a narrative popularized by the giant investment company. Blackrock.

“Whatever the story in force, gold and bitcoin are ready to grow in importance as alternative assets take momentum. Although the main psychological levels, such as gold at $ 3,000 or Bitcoin, at $ 100,000, can trigger short -term consolidation, the wider trend is probably intact. »»

Markus Thielen, independent analyst

Like crypto.News explain Earlier, Bitcoin is now faced with two potential risks and two opportunities. First, there are signs that the feeling of investors remains frightening.

Although the index of fear and greed came out of the area of ​​extreme fear (18), it is still in the fear area at 22 years old. Historically, bitcoin and other cryptocurrencies work better when the index is in the gourmet area. This continuous fear is reflected in Bitcoin Bitcoin negotiated funds, which have seen $ 143 million in assets, bringing total weekly outings to $ 870 million. These funds have experienced outings for five consecutive weeks.

Secondly, Bitcoin formed a death cross like the weighted medium of 50 days and 200 days crossed, signaling the potential of the disadvantage.