Bitcoin At $100k Presents Psychological Resistance
While expectations are growing for Bitcoin to hit the $100,000 milestone, one cryptocurrency analyst speculates that the key goal could bring psychological resistance For Pioneer Cryptocurrency. Amid this bearish warning, the coin’s price Continuous upward movement The move towards the elusive $100,000 mark has become the focus of the crypto community.
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Bitcoin Price at $100,000 as Psychological Resistance
Cryptocurrency analyst Gert van Lagen recently posted on X (formerly Twitter) Announce Revealing to his 108,000 followers, the price of Bitcoin is All-time high near $100,000. Analysts said its climb to $100,000 was like hitting the major price levels of $10, $100 and $10,000 for the first time.
Lagen says the $100,000 milestone will create psychological headwinds for Bitcoin that could lead to short-term price fluctuations. According to analysts’ statements, this psychological resistance may temporarily halt the cryptocurrency’s rise above $100,000.
While sharing this bearish warning, Lagan also issued Bullish predictions for Bitcoinemphasis on global recession While this prediction may be welcomed by Bitcoin if it continues its bullish momentum, analysts assert that the time to reach these heights may be limited.
In response to the expected psychological hurdles for Bitcoin, Ragan recommended that cryptocurrency investors short BTC at the $100,000 mark. Traders utilizing this strategy will have to bet on Possibility of Bitcoin Price Correction Before it had any major breakthroughs.
As Bitcoin approaches $100,000, risks are mounting as analysts believe the key milestone could serve as a launch pad Pushing Cryptocurrencies to Price Highs. Currently, the price is trading at $98,560, up 7.63% in the past seven days, as bullish sentiment and momentum continue to build.
If Bitcoin hits $100,000, there will be a massive liquidation
Although the crypto market is expected to Bitcoin price rises to $100,000A prominent analyst revealed that once BTC reaches this base level, it could trigger a massive liquidation. Ali Martinez said $1.89 billion is expected to be invested liquidated If Bitcoin jumps to the $100,625 level.
According to the analyst’s chart, this Bitcoin liquidation represents its “accumulated short liquidation leverage.” This analysis follows reports of massive Bitcoin liquidations, Martinez recent disclose A whopping 65,000 BTC worth $6.37 billion was withdrawn from the exchange.
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Martinez also revealed that Bitcoin’s TD Sequential is flashing A sell signal appears on the 4-hour chart. Given this, analysts expect a sharp correction to the $97,085 mark. On the other hand, analysts revealed that if Bitcoin is able to hold the candlestick above $100,470, the bearish pattern will be invalidated and could push its price to $102,656 or $104,343.
Featured images from Pexels, charts from TradingView
