How Soon Will Bullish Bitcoin Hit $100k?
Bitcoin is staying close to its record level and may push past it again on its way to $100,000 as it remains bullish.
Bitcoin (BTC) just passed its all-time high, and there may be no stopping it soon.
As Bitcoin gained 4.42% for Wednesday, price predictions for the coin are rapidly rising. Bitcoin is now at $67,136 (BTC/USD), just down from its all-time high level of $69,170 on Tuesday. The coin is on fire right now and may be poised to pass $70,000 this week.
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That would put it in a good position to achieve the summer price prediction of $100,000 that many analysts have made already. Bitcoin is moving rapidly to break records and set new ones thanks to a growing economy and a vibrant cryptocurrency market.
Bitcoin could surpass $100k in the next few months, especially if its bullish streak continues. There has been little time this year where Bitcoin has been down and even less time where it shas stayed bearish for any length of time.
Bitcoin’s Danger Factors
Because Bitcoin is so bullish, it could be ready to burst, along with the rest of the cryptocurrency market. We have seen long term upward trends that may not be sustainable for much longer.
On the other hand, Bitcoin may simply be strong right now and may be able to use that strength to keep its gains and continue to move forward well past expected predictions.
Traders should be aware that the $69k dollar mark is a potentially very strong resistance level for this coin. Before Bitcoin passed that mark on Tuesday, it had never moved as high as $69,000 before. The fact that Bitcoin dropped from $69,000 very quickly after achieving it demonstrates that traders may have trouble pushing the coin past that level.
Investors should expect a lot of resistance right now for Bitcoin, because there is a strong selling tendency. Despite additional mainstream attention for Bitcoin thanks to its record-breaking performance, many investors may cash out on the coin at this point, not expecting it to go much higher in the near future.
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