Bitcoin Price Prediction: $100,000 Target and Potential Impact on Market

For anyone following Bitcoin’s recent surge, the big question isn’t if it will hit $100,000, but when. The buzz around the cryptosphere is all about whether the premier cryptocurrency will break into six-figure territory in the near future.

Hitting the $100,000 mark would not only be a huge milestone for the crypto world, but it could also bring some challenges for short traders facing liquidation. So, what happens next if Bitcoin’s price crosses this historic threshold?

Glassnode, a blockchain analytics firm, recently provided some insights into Bitcoin’s on-chain performance during its current rally. While $100,000 seems almost inevitable, Glassnode predicts that Bitcoin’s price might lose a bit of steam once it surpasses that mark.

A key factor behind this prediction is the behavior of Long-term holders (LTH), a group of investors who are starting to sell off their assets to lock in profits. They may continue selling as the price rises, putting some pressure on the market.

Data from the LTH Spending Binary Indicator, which measures how much the long-term holders are selling, shows that these big investors have been reducing their balances. In fact, the indicator has shown a decline in LTH balance on 11 of the last 15 days.

On the flip side, institutional investors, particularly through US ETFs, have been driving demand and have been absorbing a significant portion of the supply. So, while $100,000 might be on the horizon, it’s essential to keep an eye on how both long-term holders and institutional investors navigate the volatile crypto market.