Massive Bitcoin Jump Nears $100K Milestone
Bitcoin is shooting up quickly and could reach $100K later today thanks to trade talks between the U.S. and U.K.
Quick overview
- Bitcoin (BTC) is currently priced at $99,412, nearing the significant $100K mark for the first time since February.
- Recent discussions of a US/UK trade deal have positively impacted the cryptocurrency market, contributing to Bitcoin's rise.
- While Bitcoin may face selling pressure from less committed investors at the $100K level, it could also attract new investors if it surpasses this threshold.
- Despite the potential for a temporary boost, Bitcoin is unlikely to set new record highs soon due to ongoing trade issues and high inflation.
Bitcoin (BTC) is hovering near $100K with a price of $99,412 (BTC/USD), and if it passes that important level, it will be the first time the coin has done so since early February this year.
Talks of a US/UK trade deal have helped the cryptocurrency market jump in trading late Wednesday and early Thursday. The White House will hold a press conference later today that will lay out the details of that trade deal, and the resulting impact has pushed Bitcoin right next to the $100K line.
BTC/USDBitcoin climbed 2.48% in 24 hours, closely matching its increase from the day before. Trade problems have kept the cryptocurrency market low in recent months, but with the pressure easing up, Bitcoin don other coins are gaining back a lot of lost ground.
Where Will Bitcoin Go from Here?
Bitcoin Ilkley to run into a problem as it hits $100K later today. The whales are sure to push the coin higher, but less committed investors may cash out in droves, having been waiting for the $100K level to drop out and make their gains. Many of them have seen Bitcoin fluctuate rapidly this year and then have trouble hitting $100K. They may realize that the ocean has trouble staying above that level for long and may not want to risk committing their investments to it any longer.
A move past $100K will also benefit Bitcoin, though, giving it more widespread notice and bringing in new investors who are excited to come on board as the coin surpasses this important level.
We anticipate that Bitcoin will hover near $100K for a short while and then enjoy a boost from the market that pushes it higher. What investors should not expect is that the coin will set a new record high anytime soon. There is simply too much pressure from trade wars holding it back, and with inflation high and the Fed unlikely to issue an interest rate cut, Bitcoin will struggle once it gets past the $100K mark.
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