 Bitcoin is ‘memetic’ and won’t stay down around $100K for long: Analyst 
2024-12-05

Bitcoin has hit $100,000 for the first time, but analysts say it won’t stay there long as breaking the psychological price barrier is expected to attract more attention and drive the price even higher.
“I don’t think it’s likely we see too much consolidation around 100k,” Derive founder and crypto analyst Nick Forster told Cointelegraph. After Bitcoin BTCUSD reached an all-time high of $73,679 in March, it consolidated within a wide range of $53,000 and $72,000 for the next seven months.
Bitcoin’s $100K price will ‘draw attention’
“BTC is still a memetic asset, and these sorts of psychological barriers tend to draw attention and headlines which draw in new market participants and change opinions of existing participants,” Forster said. 
“This creates further volatility and potential upside,” Forster added. Echoing a similar sentiment, popular crypto trader Matthew Hyland said in a Dec. 5 X post that the $114,000 price level for Bitcoin is “loading.”
At the time of publication, Bitcoin is trading at $102,250, according to CoinMarketCap data.
Hyland believes “this is where it begins for Crypto. You have a 3-5 month window. Take advantage.” 
Futures traders seem to share the same optimism, with $1.54 billion in long positions at risk of liquidation if Bitcoin falls back below $100,000, according to CoinGlass data.
Bitcoin Open interest (OI) — a metric tracking the total number of unsettled Bitcoin derivative contracts such as options and futures — jumped 5.14% over the past 24 hours to $61.18 billion.
Analysts anticipate rotation into altcoins to begin
Forster anticipates more rotation into altcoins, particularly Ether ETHUSD, which he said has “lagged in the market so far.” However, he pointed out that Ether has “historically outperformed” Bitcoin after it reached previous all-time highs or reached “significant milestones.”
Crypto analyst Miles Deutscher said that the higher Bitcoin’s price goes, “the bigger the altcoin run will be.”
“I’m salivating,” Deutscher said.
Meanwhile, Dan Held told his 738,300 X followers that the $100,000 milestone doesn’t “just represent a price” but a significant adoption moment for Bitcoin.
“It represents that the world is gradually acknowledging Bitcoin as the reserve currency of the future,” Held said.
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