Bitcoins Path to $100K in Doubt Amid Market Consolidation
- Bitcoins path to $100K faces skepticism as analysts note missing bullish signals like high volume and low prices.
- Recent lower highs in BTC suggest a consolidation phase, casting doubt on reaching six-figure valuations soon.
- Investors are urged to remain cautious, with regulatory and economic shifts impacting Bitcoins potential next steps.
Alan Santana has recently raised concerns about the future of Bitcoin and whether it would hit the expected $100,000 mark. As of October 2024, Bitcoin has surged to $67 800 with the prospects of Fed rate cuts, spot Bitcoin ETFs and celebrity approvals.
As Santana pointed out in a recent X post, there are no signs that would usually signal bullishness. He added that other important signs such as high trading volumes, deep discounts and reset to lower prices after a bearish phase have not been seen in the past few months. Lack of these signals makes it hard to envision BTC trending to the six figures, hence raising questions of a prolonged consolidation rather than a breakout.
Bitcoins Market Consolidation
The situation since early 2024 could be depicted from the price chart with lower high formations which is characteristic of market consolidations. It could also show that BTC is going through a redistribution phase where price growth pauses before a correction.
While BTC has not attained more crucial values even as institutional investors and regulators embrace the cryptocurrency. If Bitcoin is indeed in prime position for an ultra-bullish break out, it should be trading well above $90k at this point and not $67,800. Recent market trends have been spurred on by speculations rather than the beginning of a long term uptrend.
Investors need to be more careful because the changes in the international regulation and the economic situation affect the market. The possibility of spot Bitcoin ETFs has generated much anticipation, but these on their own may not be enough to propel Bitcoins prices to new extremes. Macroeconomic factors and alterations in the legal framework continue to be the main indicators of the market mood.
Bitcoins Next Move
By the last quarter of 2024, the crypto market would have divided opinions between those who are optimistic that the prices will rise dramatically and those who suggest that people should be more careful. This struggle between optimism and caution can best define the future course of BTC in the next few months. At the time of writing, BTC is at $68,742, which has increased by about 2.46% within the last 24 hours.
Source: TradingView
The future of Bitcoin is uncertain at the moment, and people will be watching the market to see what the currencys next step would be. As such, BTCs trajectory whether it is to hit new peaks or undergo a consolidation may well be the year 2024.
Read more: https://www.tronweekly.com/bitcoins-path-to-100k-in-doubt-amid-market/
Text source: TronWeekly
