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Bitcoin to $100K next? Here’s how the market could be setting up for a big move!
The cryptocurrency market is once again on the cusp of a major turning point, with numerous indicators suggesting that Bitcoin (BTC) is poised for a significant upward surge. In this article, we’ll delve into the fundamental and technical aspects that are driving the narrative that Bitcoin to $100K may be next.
At its core, the Bitcoin market appears to be setting up for a massive price increase. Despite the recent consolidation around the $92k-$94k region, there’s been an uptick in whale demand, which could be indicative of a potential breakout. This sentiment is further strengthened by the sudden surge in Futures volume and spot exchange-traded funds (ETFs) inflows.
A closer examination of the market shows that this upward trajectory has not yet reached its zenith. The recent failure to break through the $94k resistance level may be a sign that the market needs some time to consolidate before another round of buying activity takes hold. We’re not alone in this sentiment, as CryptoQuant analyst Maarten also made similar observations on the CQ Insights platform.
Taking a step back and analyzing the bigger picture, it’s become clear that the recent price action has been heavily influenced by institutional investors who are actively participating in the market. This influx of capital from large-scale players is driving up prices and is likely to continue in the near future.
So what does this mean for traders? It suggests that we’re on the cusp of a new phase in the current market trend, where the narrative shifts from consolidation to breakout mode. The recent price action around $92k-$94k could be nothing more than a necessary step towards setting up for a much larger move.
The data is telling us that it’s time to rethink our expectations and prepare for another leg higher in the market.
Source: https://ambcrypto.com/bitcoin-to-100k-next-heres-how-the-market-could-be-setting-up-for-a-big-move/
