Bitcoin, the largest cryptocurrency asset, is surging significantly again, with growing expectations of the asset hitting the much-awaited $100,000 price level. While BTC’s renewed upside momentum has sparked the notion that the $100,000 mark could be on the horizon, there are factors that may be acting as a barrier to its rally to the pivotal level.
Is The $100,000 Milestone Still Far Ahead?
Amidst growing crypto prices, Santiment, a leading market intelligence and on-chain data platform, has delved into Bitcoin’s current price action, noting that the highly speculated journey of BTC toward a $100,000 value faces a notable setback.
Even with robust upward strength and institutional interest, the platform claims that a key factor continues to pose a threat to the digital asset’s upswing. However, optimism and confidence in BTC persistently increase as many forecast that any upcoming downturn might only last for a short period.
With Bitcoin on the brink of reaching the $100,000 milestone after a rebound to $99,250 in the past day, whales, also known as large investors, have been accumulating the crypto asset on a huge scale. As a result, Santiment believes that the only factor preventing the creation of a $100,000 BTC history is the robust excitement of individual traders or retail traders.
Addressing recent crowd sentiment toward BTC, Santiment noted that after the historic sector growth in November, December has begun with increasingly doubtful comments and narratives as a lot of people thought that a retrace was likely. The heated discussion highlights the increasing unpredictability of BTC within the community.
However, given that the crypto asset is drawing closer to the $100,000 value once again, the ratio of positive to negative remarks on major social media platforms suggests that traders are mostly hesitant and apprehensive.
Furthermore, the platform has advised the community to be encouraged by traders’ high profit-taking and FUD since there have been many signs over the years that the crypto market typically moves against the crowd’s expectations.
Even though more competition between the bulls and bears is probable at this point, Santiment is confident that the much-anticipated $100,000 milestone might become a reality in the short term. This, Santiment believes, will happen as long as key stakeholders continuously accumulate more BTC.
Bitcoin Performance Looking Promising
After a brief moment of pullback, BTC has regained its momentum with only a few inches away from the $100,000 level at the time of writing. The renewed upside movement has triggered confidence among traders and investors, leading to a surge in its trading volume by over 15% in the past day.
Considering the growing optimism and several bullish indicators, Bitcoin could be set for a huge rally in the upcoming months. According to Crypto Dan, a market expert, the anticipated massive upswing may occur within 1 to 2 months as a Golden Cross has appeared on the SOPR Ratio Indicator, which only emerges during a bull market.
Featured image from Unsplash, chart from Tradingview.com
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