Key Points
- Bitcoin surpasses the $100,000 mark, showing stronger support than during previous spikes.
- MicroStrategy’s Michael Saylor suggests that the delay in Bitcoin reaching $150K could be due to short-term holders exiting the market.
Bitcoin [BTC] has reclaimed the spotlight by crossing the long-anticipated $100,000 threshold.
This marks a potential shift in market sentiment after a prolonged bearish stretch.
Bitcoin’s Resurgence
This resurgence seems more stable than the spike observed during Donald Trump’s presidential victory.
At that time, BTC momentarily soared to $109K before falling amid economic uncertainty.
Currently, Bitcoin is holding firm above $103K, suggesting a stronger foundation is being built.
MicroStrategy founder Michael Saylor believes that despite the price increase, BTC reaching the $150K mark might be delayed.
He attributes this to short-term holders exiting the market, even as long-term investors begin to take positions.
Saylor’s Perspective on Bitcoin
Saylor noted that a significant portion of Bitcoin has been controlled by non-traditional holders such as government bodies, legal custodians, and bankruptcy trustees.
These entities, lacking a long-term investment perspective, held onto the assets only as part of procedural requirements.
With the recent bullish momentum in the crypto market, many of these short-term custodians viewed the rally as a prime exit point to secure liquidity.
Saylor remains confident about Bitcoin’s long-term trajectory, noting that a new breed of institutional investors is stepping in through ETFs and corporate treasuries.
However, amidst Saylor’s optimism for BTC, Peter Schiff, a Bitcoin critic, took this opportunity to criticize the cryptocurrency.
Technical Indicators
Technical indicators are reinforcing the current bullish momentum.
Both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are positioned above their respective neutral levels, signaling strong buying pressure and healthy capital inflow.
However, the RSI’s presence in the overbought territory raises the possibility of a near-term correction.
Despite this, overall sentiment remains optimistic.
A breakout above the $108K level could trigger a surge toward $120K.
