Bitcoin reached about $99500 overnight, before dropping below $97300 a few short hours later. At 2 pm ET, the asset was trading at around $99350.
What will BTC do when it reaches the $100,000 mark? Or if the price doesn’t go through it in the short-term?
Nobody knows for certain. Federico Brokate is the head of 21Shares US business. He helped BlackRock to launch the iShares Bitcoin Trust IBIT in January and led iShares’ business strategy for the Americas.
What are the key takeaways? What are the main takeaways? “a psychological barrier for markets” Brokate explains that investors have been looking at a price goal since the last bull run in crypto.
He noted, too, that BTC’s price last week quickly rose another 3-5% after hitting the $90,000 mark with enough volume — a scenario that could happen again at $100,000.
“If the barrier isn’t decisively broken by Thanksgiving, we could expect to see prices come down 15-20% — a correction that would test the $80,000 support level and wash out leveraged and low-conviction players,” Brokate has told me.
The six-figure mark would be reached by reaching the following: “greater short-term volatility as orders are filled, options liquidate and liquidity providers fulfill ETF block order requests,” He added: “It wouldn’t be surprising to see some drawdown in the coming months.”
Brokate pointed out that alternative coin markets usually surge after BTC reaches a price plateau. Investors tend to move to what they perceive as more stable currencies. “higher-risk, higher-reward opportunities.” 21Shares’ executive suggested that this could happen late in Q1 or Q2.
Solana has just reached a price peak of approximately $263. Ether (ETH) is about 32% away from its high in November 2021. XRP is up 65% since a week earlier, as of Friday 2 pm ET.
This year, Thanksgiving may mean more than just football and turkey. Brokate reminded us that, often, investors share their experiences and achievements at holiday gatherings, which can spark curiosity.
Brokate recalls that BTC hovered between $6,000 to $9,000 before surging upwards to around $16,000 after Thanksgiving.
He added: “We may see a similar move this year.”
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