A dream is a wish your heart makes… unless that dream is bitcoin topping $100k, which happened late in the night for some of us.
Bitcoin is now worth $100k. “seventh most valuable asset in the world by market cap, just behind the likes of Google and Amazon,” Brian Rudick, GSR’s Brian Rudick.
In the last few months, bitcoin has almost doubled to $100,000. The climb to $100k has not been easy.
“Most investors are underestimating the price potential from continued global flows into bitcoin, whether from companies adding to their balance sheet or inflows into ETFs. There’s substantial interest in getting off zero, and there’s a market structure that is very different from traditional finance, which can lead to panic buying, pushing prices up quickly. The outlook for crypto is incredibly strong and returns are likely to outperform other risk assets,” Galaxy’s Chris Rhine stated.
John Glover from Ledn gave us a list of price targets that we should be watching, but I want to go over it again because bitcoin can stay well above $100k. We could easily see $160,000 as it gains speed to reach the $125k mark. If we are hovering around the $100k mark, like we have seen thus far, $125,000 will be a magic number.
You might find this tweet 2019 from the notorious goldbug Peter Schill amusing.
Vetle Lunde, from K33 wanted me to look briefly at other trends to be on the lookout for this month.
Lunde warns that December’s dips could offer great buying opportunities.
“The underlying momentum is not to be messed with. I view hypothetical adverse reactions to surprising employment data or unchanged interest rates at the FOMC as opportunities for aggression. The market is well poised to peak near Trump’s inauguration, where I’ll look to de-risk properly. Until then, my allocation reigns long and strong,” He wrote in a letter.
Lunde believes that Bitcoin will soon be available. “well into the $100,000’s.”
But a top hit could occur next month, which may track with what we heard from Glover if — and while technical analysis is a good thing to watch, it’s not a crystal ball — we see the levels in his reading of the Elliott Wave Theory.
“The average distance between BTC’s first cycle ATH and its last ATH during its past three cycles is 318 days. Under the assumption that average trajectories hold, a peak would occur on January 17. This is not unlikely, given that Trump’s inauguration will take place on January 20,” Lunde writes.
Bitcoin is currently above the $100k mark, allowing us to bask in six-figure glory.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
