Why Bitcoin Price May Soon Touch $100,000
Bitcoin (BTC) has been trading in a tight range over the past week, struggling to break above the $100,000 mark. The price of the major coin faced resistance at $98,804 and found support at $94,603.
However, the decline in key on-chain indicators suggests that the coin may be heading for a significant uptrend in the near term.
Stablecoin Power and holder confidence boost Bitcoin outlook
Evaluation of BeInCrypto BTC’s on-chain performance Its exchange stablecoin ratio has steadily declined. At the time of writing, this number stood at 0.000060, the lowest level since the start of the year, according to CryptoQuant data.
Exchange stablecoin ratio measures the number of stablecoins held by an exchange relative to the number of bitcoins. A lower ratio indicates greater purchasing power in the market, as there are more stablecoins available to purchase Bitcoin on exchanges.
When this ratio decreases, it usually indicates increased demand for Bitcoin. As more investors seek to buy Bitcoin, the price of Bitcoin is likely to rise. This could push it back to the psychological $100,000 mark that has been elusive.
In addition, short-term growth trends Bitcoin holders adopt The “HODL” strategy could push the price towards the $100,000 mark. According to CryptoQuant, this group (typically those who have held BTC for less than a month) has extended their holding period by 36% in the past month.
Longer holding periods can reduce selling pressure, create scarcity in the market, and generally indicate confidence in the token’s price growth. This could fuel Bitcoin’s upward momentum in the short term.
Bitcoin Price Prediction: What to Expect?
BTC is currently trading at $96,882just below the all-time high of $99,860, a level that remains a strong resistance. If short-term holders continue their “HODL” strategy and new demand emerges — supported by an influx of stablecoins on exchanges — Bitcoin could break through this barrier and head towards the $100,000 milestone.
However, if selling pressure intensifies, Bitcoin’s price could consolidate within the current range, or Further decline to $88,986 before trying another move up.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
