$100k bitcoin next? Experts temper expectations as btc price breaks new all-time highs
Bitcoin’s Price Hits New Record High Above $94,000
In a thrilling development for the cryptocurrency space, Bitcoin (BTC) has set another all-time high above $94,000 on November 19. Despite this milestone, there was a lackluster response from the market, with analysts calling it an "encouraging sign" for BTC’s price to push higher.
The Lack of Euphoria: A Good Sign for BTC?
Market intelligence firm Santiment noted that the commentary across social media was "lukewarm at best" when Bitcoin hit its new all-time high. This lack of excitement could be a positive indicator, as fear of missing out (FOMO) often leads to corrections in the market.
As Santiment explained:
"Crypto community showing a surprising level of disinterest and disbelief as Bitcoin makes history, edging close to $100K."
"As long as there is retail trader disbelief, whales can continue pumping cryptocurrencies with little resistance."
Data Backs Up Santiment’s Observation
Google Trends data shows that investor interest in Bitcoin has waned over the past week as BTC’s price ranged around $90,000. The chart below illustrates social media interest in Bitcoin over time.
Although the latest rally to the previous all-time high at $93,480 on November 13 resulted in the highest interest since 2021, the metric has dropped from 100 to 48 over the last seven days.
The Chart Below Shows Social Media Interest in Bitcoin Rarely Moved on Nov. 19
According to CryptoQuant author IT Tech, the lack of euphoria might indeed suggest continued growth without significant corrections:
"The lack of euphoria in the market might indeed suggest continued growth without significant corrections. It is good news for long-term investors."
Analysts Predict $100,000 Bitcoin Price
Popular analyst Moustache shared a chart showing BTC’s price playing out a similar setup as the one that happened just before the 2021 parabolic move.
According to the analyst, BTC is just at the beginning of this cycle’s parabolic phase, and if it follows the same trajectory, the price could move exponentially to areas above $100,000:
"$100,000+ is coming ladies and gentleman."
Other Analysts Share Similar Sentiments
MN Capital founder Michaël van de Poppe shared similar sentiments, saying that the market could "see Bitcoin go to $100-120K" in the coming one to two months.
Bitcoin’s potential to hit $100,000 "continues to hold the highest concentration of open interest," trading firm QCP Capital said in a note to investors. It added that Bitcoin’s spot price, which has been above $90,000 over the past few days, provides the "foundation BTC needs for a move higher."
Growing Institutional Confidence
In a follow-up note, QCP Capital expresses confidence that options trading activity for BlackRock’s spot BTC exchange-traded fund (IBIT) following its strong market debut on November 19 underscores "the growing institutional confidence in Bitcoin as a mainstream asset class."
This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.
Bitcoin Analysts Share Similar Sentiments
Bitcoin analyst Bitcoin Munger shared a Glassnode chart showing intensive accumulation across all cohorts. The analyst believes that BTC is likely to go "way past" $100,000:
Conclusion
While some analysts believe the lack of euphoria might be a sign of continued growth without significant corrections, others predict that Bitcoin’s price could move exponentially to areas above $100,000. As always, every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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