Bitcoin (BTC) Market Cools Off After a Streak of Giant Green Candles, the Bull Run is finally cooling off, with no immediate signs that Bitcoin is ready to break the much-awaited $100K level.

Two days ago, Bitcoin peaked at $93,400 after staging a 40% gain from its November low of $66,800. This upward movement also boosted altcoins like Ethereum

Bitcoin price stalls on the second day of burning, is reaching $100,000 just around the corner

Bitcoin price hit a new high in two days and soon surpassed its November low of $66,800, a 40% increase. Due to this rise, the price of major altcoins such as Ethereum also rose, and although it did not reach its highest price, it rose to $3,444.

Many people expect the Bitcoin price to continue to rise towards $100,000 and become a six-digit asset, but after exceeding $90,000, it has fallen to $86,682 and is in a correction phase. It's in.

Analysts are currently divided on the next move for Bitcoin price, and all eyes are on whether it will break above $100,000 or fall significantly and potentially push the price lower. .

Will Bitcoin price still rise? A trader's perspective

In a recent analysis, Santiment highlighted major social media activity after Bitcoin price rose to an all-time high of $93,490. This analysis reveals that speculation on the $100,000+ price range intensifies as Bitcoin prices break through key levels.

The analysis also advises market participants to consider a "contrarian trading" approach. Specifically, be cautious during heightened FOMO (fear of missing out) on social media and consider purchasing when people are becoming skeptical of Bitcoin price upward momentum. I recommend it. This strategy takes advantage of the common trend of markets moving in the opposite direction of general market sentiment.

Essentially, this analysis serves as a warning to those looking to make short-term profits from the Bitcoin price, and they may be disappointed.

Will Bitcoin price still rise? A holder's perspective

However, over a longer period of time, there is widespread sentiment among industry leaders that Bitcoin prices will rise further, reaching up to $500,000 per coin.

Bitwise CIO Matt Hougan said in a note to investors on Tuesday that he believes the Bitcoin price is still in its infancy. Despite the recent price surge, Hougan suggests that the Bitcoin price may not mature as a store of value until it reaches $500,000 per coin.

Hougan argues that broader adoption by central banks and institutions is needed for the Bitcoin price to mature. This $500,000 goal is based on the possibility that the Bitcoin price will capture 50% of the $17 trillion price of gold.

Also, Matthew Sigel, head of digital asset research at VanEck, shares similar sentiments. He predicts that Bitcoin price growth is just beginning and could reach $180,000 by the end of next year.

Ethereum price has yet to hit new highs: Is now the time to buy?

Meanwhile, while Bitcoin price is trading at an all-time high, its biggest rival Ethereum price is trading 36% below its 2021 high. Many attribute this discrepancy to the observation that altcoin season has not arrived yet. Typically, Bitcoin prices hit new highs first, followed by altcoin prices such as ETH.

According to CoinMarketCap, the altcoin season index is currently at 38/100, meaning that the Bitcoin season continues, and there is still promising upside potential for altcoin prices such as ETH.

The information provided in this article is for informational and educational purposes only. This article does not constitute financial advice or advice of any kind. Coin Edition assumes no responsibility for any losses arising from the use of the content, products, or services of the companies mentioned. Readers are advised to exercise caution before taking any action related to the Company.

The above is the detailed content of Bitcoin (BTC) Market Cools Off After a Streak of Giant Green Candles, the Bull Run is finally cooling off, with no immediate signs that Bitcoin is ready to break the much-awaited $100K level.. For more information, please follow other related articles on the PHP Chinese website!