Bitcoin Hits 103K, Then Crashes Under 98K
2024-12-09

Bitcoin reached a peak of $103,900 on Dec. 5, just a day after crossing the $100,000 mark for the first time.By 3:30 p.m. ET, it dipped to a low of $97,917 per unit.

Despite this pullback, bitcoin demonstrated resilience, bouncing back slightly to trade at $98,845 by 3:30 p.m. ET the same day. At the moment it is attempting to crack $99,000.Analysts attributed the decline to profit-taking, as traders seized the opportunity to cash in on the psychological $100,000 benchmark.Reaching $100K was a massive achievement, but it’s also a prime point for selling, many people observed.

This significant event comes amidst rising institutional interest and a growing role for bitcoin in mainstream finance.The climb to $103,647 underscores the strong demand, even as traders navigate volatility.While some view the recent drop as a healthy market adjustment, others caution that more declines could occur as additional profit-taking unfolds.

The milestone adds to a series of bullish developments for bitcoin in 2024.Earlier this year, the digital currency gained favor as a hedge against inflation and a store of value, increasing its appeal among retail and institutional investors alike.

As bitcoin lingers below the $100K mark, opinions remain split on its future direction.Some predict a swift rebound driven by steady demand, while others warn that more sell-offs could challenge key support levels in the coming days.

However, I believe that bitcoin will still rise. Recent geopolitical factors and financial data releases will have a short impact, but then bitcoin will sprint up again!