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Join Telegram ChannelIn a historic moment, Bitcoin (BTC) surged past the $100,000 mark today, reaching a peak of $103,900. Analysts are optimistic that this psychological milestone is just the beginning of an upward trend that could push the cryptocurrency to new record highs.
Nick Forrester, a market analyst, believes that Bitcoin is unlikely to consolidate at $100,000 for long. “Bitcoin is a unique asset, and breaking through such psychological barriers usually gets a lot of attention, makes headlines, and attracts new participants to the market. “This also shifts the current perspective of investors,” he explained.
Bitcoin Breaks $100000 Barrier
Similarly, renowned trader Matthew Hyland tweeted, “The $114,000 level for Bitcoin is coming soon… This is just the beginning for the crypto market. You have a time period of 3 to 5 months. Take advantage of it.”
As of this writing, Bitcoin is trading at around $102,000.
Futures Market Bullishness
Optimism is also visible in the futures market. Data from CoinGlass reveals that a drop below $100,000 could put $1.54 billion worth of long positions at risk of liquidation. Meanwhile, Bitcoin open interest has increased by 5.14% in the last 24 hours, reaching $61.18 billion, further indicating strong market activity.
Spotlight on Altcoins
Forrester predicts capital will flow into altcoins, particularly Ethereum (ETH), following Bitcoin's rally. “Ethereum lags in this market, but historically, it tends to outperform after Bitcoin hits a new high or significant milestone,” he said.
Miles Deutscher echoed this sentiment, stating, “The higher the price of Bitcoin, the more altcoins will rally.”
A Global Milestone
Dan Held, a prominent Bitcoin proponent, highlighted the broader significance of this milestone, tweeting, “Bitcoin breaking $100,000 is a watershed moment in its adoption. This signals the world is increasingly recognizing Bitcoin as the reserve currency of the future.”
With market enthusiasm high and institutional and retail interest increasing, many traders believe this is just the beginning of a transformative period for Bitcoin and the broader cryptocurrency market.