Optimistic sentiment reignites as Bitcoin continues to challenge the $100,000 mark
Bitcoin is once again making a push towards the $100,000 milestone, ending its longest decline since the U.S. elections. Since the elections, Bitcoin has risen by approximately 40%, reaching an all-time high of $99,728 last Friday. Despite a recent pullback, market analysts believe that the possibility of breaking through $100,000 still exists. Bitcoin is currently priced at $95,981, up 4.5% for the day
According to Zhitong Finance APP, Bitcoin is once again making a push towards the $100,000 milestone, ending the longest decline since Donald Trump won the U.S. election, which triggered a record surge in the largest cryptocurrency.
Since the U.S. election, Bitcoin has risen by about 40%, as traders anticipate a more favorable regulatory environment for cryptocurrencies with Trump expressing support for the industry. The token reached an all-time high of $99,728 last Friday, before declining over the past four days. On Wednesday, Bitcoin briefly climbed 6% to $97,361. So far this year, Bitcoin has more than doubled.
Jake Ostrovskis, an over-the-counter trader at Wintermute, stated, "The market is in a price discovery phase, and after rising more than 45% from the pre-election lows, the recent decline appears to be a healthy correction, possibly driven by profit-taking. Traders believe the $100,000 level is likely to be breached."
Bitcoin continues to challenge the $100,000 mark
Nikolay Karpenko, a director at B2C2, noted that Bitcoin's decline earlier this week was partly due to profit-taking as prices approached the historical milestone. He indicated that this is tactical, and Bitcoin may soon break through $100,000.
Karpenko stated, "When Bitcoin approaches six figures, we believe it may trigger some profit-taking from market participants who bought in before the election."
Earlier this week, the market also experienced some volatility after Trump announced potential additional tariffs on China, Mexico, and Canada.
Alex Thorn, head of research at Galaxy Digital, remarked, "Once some leverage is released and short-term buyers complete their profit-taking, we believe Bitcoin may find a strong support base and could attempt to break through the $100,000 mark (sell wall) again in the short term."
As of the time of writing, Bitcoin is priced at $95,981, up 4.5% for the day; Ethereum is priced at $3,679, up 10.7% for the day