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What lies ahead for Bitcoin — a rise to $100,000 or another pullback?
For several days now, the leading cryptocurrency Bitcoin has been trading above $90,000, and the bulls have managed to achieve some success.
A number of analysts believe that the asset is at a turning point on its way to the $100,000 mark. Others are less optimistic and predict a sharp decline in the coming months.
On the evening of January 13, BTC was trading around $94,000, gaining more than 2.5% over the day. Over the past 30 days, this has been the eighth or ninth attempt by Bitcoin to break through the resistance zone, which, if successful, would result in a surge toward the $102,000 level. A pullback would mean that BTC once again “becomes a stablecoin” in the $90,000 range.
Well-known analyst Ali Martinez called the $94,555 level a “bullish trigger” for BTC, stating that “if it is broken, the next threshold will be $105,921.”
However, his recent BTC forecasts also allow for a bearish scenario. Yesterday, Martinez suggested that the asset is in a downward spiral, with the cyclical low expected to be reached in the $38,000–50,000 range in 267 days.
Many technical indicators point to bearish signals. Over the past week, inflows of coins to exchanges have exceeded outflows, indicating that investors may be preparing to sell.
Bitcoin exchange flows. Source: CryptoQuant
In addition, holders owning between 1,000 and 10,000 BTC sold 220,000 coins over the past year. In dollar terms, this exceeds $20 billion, and such actions indicate declining confidence among this group of investors. A sell-off of this scale could trigger panic and lead to smaller players exiting the ecosystem as well.
On the other hand, the popular Fear and Greed Index shows that BTC remains in the “fear” zone. This suggests that most market participants are acting cautiously due to negative news, uncertainty, and falling prices. However, rebounds sometimes occur under such conditions.
Bitcoin Fear and Greed Index. Source: Alternative.me
See also: "Santiment: weak network growth prevents Solana from rising above $145"
