Bitcoin Falls Short of $100,000 Milestone: When Will It Reach This Target?
Bitcoin came close to hitting the $100,000 mark last week but didn’t quite make it, leaving investors wondering when it might finally get there. Reaching six digits is a big deal for many in the crypto space, as it’s seen as a psychological selling point. Even though bitcoin has pulled back from its recent highs, experts still believe it has the potential to surpass $100,000 later this year.
Last Friday, the price of bitcoin hit a record high of $99,655.5 before dropping back down. Currently trading at $91,749, the cryptocurrency is down almost 8% from its peak. Matt Mena, a crypto research strategist, explained that hitting $100,000 triggers profit-taking among long-term bitcoin holders who bought in during the last bull market. This behavior has been seen in previous price spikes as well.
Analysts also pointed to other reasons for bitcoin’s recent price correction. FxPro’s chief market analyst mentioned easing tensions between Lebanon and Israel, which may have reduced interest in safe-haven assets like bitcoin. Additionally, falling US Treasury term premiums could have played a role in the crypto market’s fluctuations.
Despite the recent dip, many still remain optimistic about bitcoin’s long-term prospects. So, while we might not have hit that $100,000 milestone just yet, it seems like only a matter of time before we get there. Stay tuned for more updates on the exciting world of cryptocurrencies!
