Bitcoin has once again surpassed $90,000 on Friday morning.
Alex Thorn, Galaxy’s Alex Thorn, tells me that Thursday’s withdrawal was “anticipated.”
“Some consolidation below the new $93,000 all-time high is healthy; it clears out recent leverage, creating a more stable foundation for another upward move. $100,000 by year’s end is very possible — or we might even see it within weeks,” He said.
Bitcoin quickly broke new price records, but then fell back slightly. This left me with a question: When $100,000?
I’ve heard from people that Thorn’s theory about the end of the calendar year is generally accepted.
Brian Rudick told me, “GSR is the managing director for research.” “new demand takes time to materialize, and will likely occur over the coming months.”
Afraid to admit it, I asked myself if holders would be willing to sell their shares when we reach six figures. This is because of how significant a milestone this will be. Rudick doesn’t believe it.
“The possibility of a US strategic bitcoin reserve will likely dampen selling. For example, whereas one may have been happy to let their bitcoin go at $95,000 before, it is now tougher to justify selling at that price when $500k is a real possibility, should the US add it as a reserve asset,” He told me.
Thorn also added that the “emerging catalysts, particularly from the Trump transition team, could keep momentum strong, pushing BTC beyond this mark” Although it is a “psychological barrier.”
It’s about time we started asking ourselves: What if you had $500,000?
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