As Bitcoin edges closer to the highly anticipated $100,000 mark, the cryptocurrency community is abuzz with discussions about potential psychological resistance. A well-known crypto analyst has pointed out that reaching this landmark figure could pose significant challenges for Bitcoin’s price trajectory. Despite these concerns, Bitcoin’s upward momentum towards this historic milestone remains a focal point for enthusiasts and investors alike.
$100,000 Bitcoin Price As A Psychological Resistance
Renowned crypto analyst Gert van Lagen recently shared insights with his 108,000 followers on X (formerly known as Twitter), emphasizing the significance of Bitcoin nearing the $100,000 threshold. According to van Lagen, this milestone is akin to previous significant price levels such as $10, $100, and $10,000, which have historically marked pivotal moments for Bitcoin’s journey.
Van Lagen believes that the $100,000 level may act as a psychological hurdle, potentially causing short-term volatility in Bitcoin’s price. This psychological resistance could momentarily hinder Bitcoin’s ascent beyond the $100,000 mark. However, van Lagen also remains optimistic, forecasting a potential surge to a target zone between $220,000 and $320,000 before a global recession sets in. Despite this bullish outlook, he cautions that the timeline for achieving these levels may be constrained.
Currently, Bitcoin is trading at $98,479, showcasing its steady climb. In light of the anticipated psychological barrier, van Lagen advises crypto investors to consider shorting their Bitcoin holdings at the $100,000 level. This strategy involves betting on a possible price correction before Bitcoin breaks out significantly to the upside.
As Bitcoin approaches the $100,000 milestone, analysts speculate that this key level could serve as a launching pad, propelling the cryptocurrency to new heights. For now, the price stands at $98,560, reflecting a robust 7.63% increase over the past week as bullish sentiment continues to build.
Massive Liquidation To Follow If BTC Hits $100,000
While the crypto market eagerly anticipates Bitcoin reaching the $100,000 mark, a prominent analyst warns of potential massive liquidations triggered at this fundamental level. Analyst Ali Martinez reports that a staggering $1.89 billion could be liquidated if Bitcoin hits $100,625.
Martinez’s analysis suggests that this Bitcoin liquidation represents a “cumulative short liquidation leverage.” In line with recent reports, Martinez noted that a significant 65,000 BTC, worth approximately $6.37 billion, was withdrawn from exchanges, underscoring the scale of potential liquidations.
Additionally, Martinez highlights that Bitcoin’s TD Sequential indicator is signaling a sell on its 4-hour chart. Consequently, he predicts a significant price correction to the $97,085 level. Conversely, if Bitcoin manages to sustain a candlestick position above $100,470, it could invalidate the bearish trend, potentially pushing the price towards $102,656 or even $104,343.
