Key Points
- Bitcoin’s value has recovered over 3.5% in the last 24 hours, despite increased selling pressure.
- The possibility of Bitcoin reaching $100k in the coming weeks is now high.
Bitcoin [BTC] had a rough week, with its value falling below $56,000. The cryptocurrency market was filled with fear, uncertainty, and doubt (FUD), leading to speculations of further price drops.
However, the trend has changed in the past 24 hours, with some suggesting that Bitcoin might be starting its journey towards the $100k mark.
Bitcoin’s Market Performance
Bitcoin managed to shake off the bearish sentiment as its daily chart turned green. According to CoinMarketCap, Bitcoin was up by more than 3.5% in 24 hours and was trading at $59,623.01, with a market capitalization of over $1.17 trillion.
A well-known crypto analyst, Titan on Crypto, shared a tweet suggesting that the recent price correction could have been the last deviation from Bitcoin’s path towards $100k. This is based on historical trends where similar deviations were followed by a bullish price momentum.
Bitcoin’s Potential Rise
The chances of Bitcoin reaching $100k in the coming weeks appear high, especially as the coin’s network-to-value (NVT) ratio has dropped, indicating that the coin might be undervalued. This could be a good opportunity for investors to accumulate Bitcoin.
However, despite the potential for a price increase, there is a high selling pressure on Bitcoin. This is indicated by a sharp upward trend in Bitcoin’s exchange balance and an increase in its supply on exchanges.
Interestingly, the increased selling pressure did not negatively impact the market sentiment. Analysis of Santiment’s data revealed that Bitcoin’s weighted sentiment increased, indicating a dominance of bullish sentiment. Bitcoin’s social volume also remained high, reflecting its popularity in the crypto space.
It will be interesting to observe whether investor confidence will be enough to propel Bitcoin towards the $100k mark.
