Bitcoin’s Path to $100,000: Short-Term Correction or Imminent Breakout?
Bitcoin recently experienced a dip below the $90,000 mark after briefly hitting the $100,000 threshold, sparking discussions among analysts about its short-term trajectory.
While some anticipate a brief correction, experts at Bitfinex remain optimistic about Bitcoin’s potential to break the $100,000 barrier soon.
According to Bitfinex’s weekly Alpha report, despite an 8.64% decline last week, Bitcoin has shown resilience and continues its upward trend into December. The correction followed significant outflows from spot ETFs, totaling $135.1 million, and profit-taking by long-term holders, who sold nearly 509,000 BTC since September.
READ MORE: Japanese Crypto Exchange to Shut Down and Transfer Assets After $320 Million Hack
However, the ongoing rise in retail interest and inflows from ETFs, combined with growing demand from short-term investors, has set the stage for a possible breakout. Analysts suggest that if short-term investor demand can match long-term selling, Bitcoin could surpass the $100,000 mark.
Even though Bitcoin faced its largest pullback since the US elections, the market remains positive, with Bitcoin closing November at a record high of $96,506. Historically, December has been a volatile month for Bitcoin, but with the current market conditions, many believe the digital asset is positioned for further growth despite potential short-term setbacks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
