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Here’s Why Bitcoin Price $100K Comeback Could Be Sooner Than Expected
The recent market correction has led to a sharp decline in the price of Bitcoin, with many believing it could be an opportunity for savvy investors to jump back into the market. According to Sahil Mahadik, the selling pressure is mounting as Bitcoin prices have plummeted below $95,000, indicating that the asset is ripe for a comeback.
One of the primary reasons why a price comeback could be sooner than expected is the increasing adoption of Bitcoin by major institutions and governments worldwide. In recent news, El Salvador has made significant investments in BTC, while Japanese firm Metaplanet, MicroStrategy, and Matador Technologies have also accumulated large amounts of the cryptocurrency. This trend of large-scale accumulation and continued adoption as a reserve asset has strengthened its legitimacy and credibility as a long-term store of value.
As a result, demand for Bitcoin is expected to accelerate, driving the price upward and potentially stabilizing above $100,000. The pullback in prices has also reached key Fibonacci support levels at $86,000 and $79,000, which could provide resistance against any further decline.
Moreover, according to Fibonnaic theory, it appears that these levels are suitable for Bitcoin to regain its bullish momentum, potentially leading to a bounce that will be driven by the buy-the-dip sentiment.
Source: www.cryptonewsz.com
