What it’s going to take to hit $100K – Blockworks
Reaching $100,000 for Bitcoin is almost within grasp, but not quite there yet. Last week, we saw Bitcoin touch $99.8k before pulling back, showing some resistance in breaking that 6-figure mark. It’s not surprising considering the amount of Bitcoin that could potentially be sold once we hit that milestone.
Galaxy’s Michael Novogratz pointed out that the selling activity we’re seeing right now is just normal profit-taking, with a lot of sellers coming in above $56,000 this year looking to offload. Despite it being a holiday week in the US, where trading volumes are typically lower, there’s still some optimism about hitting $100k.
MicroStrategy is always at the center of Bitcoin news, and this time is no different. The company recently announced in an SEC filing that they bought 55,500 Bitcoin, totaling $5.4 billion, at nearly $98,000 per Bitcoin at the end of last week. This purchase follows a $4.6 billion buy earlier this month, bringing MicroStrategy’s total Bitcoin purchases to a staggering $10 billion this month alone.
While MicroStrategy’s buys usually have an impact on Bitcoin’s price, it might not be enough to push us over $100,000 just yet. However, with other trends in the market, like the increase in spot volume and liquidity shifts noted by FalconX’s David Lawant, there’s a chance we could breach that $100k wall soon.
Lawant’s data shows that while reaching $100,000 remains a tough challenge, the overall market sentiment remains positive. So, even if MicroStrategy’s recent purchase doesn’t quite do the trick, there’s still hope for a breakthrough.
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