Bitcoin Bulls Eye $100K as Price Surges Past $87,000
Bitcoin (BTC) has been on a tear in recent days, climbing roughly 15% over the past week and reaching an eight-month high above $87,000. As of this writing, it trades just below $86,000.
Popular analyst Ali Martinez believes BTC is headed for $100,000, citing several bullish signals. He notes that large investors are holding onto their positions despite the recent surge, with over 2,722 transactions worth more than $1 million recorded on the BTC network yesterday alone.
Martinez also highlights the influx of buying pressure from spot Bitcoin exchange-traded funds (ETFs), which have accumulated over $1.6 billion worth of BTC in the past 72 hours. Additionally, he points to strong support levels below $84,569 and near $77,000, as well as thinning overhead resistance.
However, not everyone is convinced that the rally will continue unabated. Gerla, a user on X, warns against FOMO and advises traders to wait for a potential correction to around $80,000 or higher before making any major moves.