Bitcoin price rallies at $ 100,000
The latest trends and indicators suggest that the price of bitcoin is on the way to reaching $ 100,000.
The Bitcoin Bull Market Continues! After tough and painful corrections in the third quarter of 2021 with deep retracements reaching 50-60% declines, bitcoin has not only regained its full strength, but has also already surpassed its April highs of $ 65,000. . The new all-time high at $ 67,000 has been set, and the previous area of ââweakness for bulls around $ 58,000 in April-May has now been recovered with a strong weekly close in that area. This shows that the market is much stronger at the same record highs as in April-May. We should see an indisputable bull rule over the next few weeks, with bitcoin approaching $ 100,000 faster than the majority might expect. If the bitcoin trend shows no weakness in the $ 90,000 to $ 130,000 region, it could push bitcoin even further. Bitcoin tends to go higher than everyone expects during bull markets, and lower than anyone predicts during bear markets.
Ideally, when bitcoin finally crosses the $ 70,000 mark, it is widely believed that momentum will increase dramatically again, causing a snowball effect. The stronger the momentum, the more people and FOMO institutions will expect higher returns, and the trend is expected to continue. This “self-fulfilling prophecy” effect can eventually drive prices even higher and faster. For this reason, the higher it goes, the less time it will take to go up.
It seems that the chain indicators align well with this thesis.
For a bit of on-chain metrics, over the past few weeks the NUPL (indicator of unrealized net profit / loss) has risen very sharply and aggressively, from 0.35 on July 20 to 0.63-0.65 already. , with the recent all-time record push. .
While price action has already passed the old all-time high, the NUPL ratio is not even close to its peak value of around 0.745 from April’s $ 65,000. One way to interpret it is that bitcoin at current all-time highs is nowhere near as depleted as it was in April. It shows massive strength on the side of the chain, testifying to bitcoin’s readiness in the weeks and months to come.
Additionally, Bitcoin’s âAverage Active Addresses Indicatorâ suggests that the network is lagging behind price.
Counter opinion trading often comes into play for bitcoin. For sentiment analysis, this is where the majority usually go wrong. Sentiment according to the Fear and Greed Index shows that BTC / USD is at 72 out of 100, which is categorized as greed. About a month ago, the market was showing extreme fear around a bitcoin price of $ 40,000. The majority are said to be correct in the middle of the trend, but always wrong at the extremes.
Finally, the magic barrier of $ 100,000 is less than 60% of the current market price. Seeing more and more institutions, corporations, tech giants, and merchants joining in the acceptance of cryptocurrency payments and the creation of new related products, projections of $ 100,000 do not appear to be. not really far from being achieved.
This is likely the last and final step in the upcoming three-year bull market we’ve been waiting for since December 2018, when bitcoin hit its lows around $ 3,100. The most exciting time in Bitcoin history begins now!
This is a guest post by Adrian kamil ZduÅczyk. The opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.