Bitcointhe largest cryptocurrency asset, is again rising significantly, with growing expectations that the asset will reach the long-awaited $100,000 price level. While BTC’s renewed upward momentum has fueled the idea that the $100,000 mark could be on the horizon, there are factors that could pose a barrier to the rally to the crucial level.
Is the $100,000 milestone still far away?
Amid rising crypto prices, Santiment, a leading market intelligence and on-chain data platform, has dug in Bitcoin’s current price action, noting that BTC’s highly speculated journey to a $100,000 value is facing a notable setback.
Even with robust upside and institutional interest, the platform maintains that a key factor remains a threat to the digital asset boom. However, optimism and confidence in BTC continue to rise as many predict that any downturn will be short-lived.
With Bitcoin on the verge of hitting the $100,000 mark after recovering to $99,250 in the past day, whales, also known as major investors, have accumulated the crypto assets on a large 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 or retail traders.
Addressing recently public sentiment towards BTCSantiment noted that after historic sector growth in November, December has started with increasingly questionable comments and stories as many people thought a return was likely. The heated debate highlights the increasing unpredictability of BTC within the community.
However, as the crypto asset moves closer to the $100,000 mark once again, the ratio of positive to negative comments on major social media platforms suggests that traders are mostly hesitant and apprehensive.
Furthermore, the platform has advised the community to take encouragement from the high profit taking and FUD, as there have been many signs over the years that the crypto market is generally moving against public expectations.
Even though there is likely more competition between the bulls and bears at the moment, Santiment is confident that the long-awaited $100,000 milestone could become a reality in the short term. This will happen according to Santiment as long as key stakeholders continually accumulate more BTC.
Bitcoin performance looks promising
After a brief moment of withdrawal, BTC has regained its momentum with just inches away from the $100,000 level at the time of writing. The renewed upward movement has boosted confidence among traders and investors, driving trading volume up by more than 15% over the past day.
Given the growing optimism and several bullish indicators, Bitcoin could see a massive rally in the coming months. According to According to Crypto Dan, a market expert, the expected massive rebound could happen within 1 to 2 months as a Golden Cross has appeared on the SOPR Ratio Indicator, which only surfaces during a bull market.
Featured image from Unsplash, chart from Tradingview.com