Breaking Highs Record, Bitcoin Price Breaks $100.000 This Year?

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A few days ago the price of Bitcoin officially reached a new record high. At press time, Bitcoin is trading at $66,930.39. With its performance, will Bitcoin be able to penetrate $100.000 this year?

This record makes Bitcoin the first crypto asset (by market cap) to meet analyst forecasts and most likely close October in the green.

What is the Next Potential Bitcoin Price Target?

In this case, the short-term bullishness for Bitcoin assets as recorded by the on-chain data is actually clearly visible.

However, there are still many defenses from analysts, one of which is analyst Ali Martinez who reviews it through metrics.

This metric can historically signal BTC peaks and indicate that Bitcoin is poised to aim for a $100,000 price target.

Further data provided by analyst David da Silva Rosa shows that Bitcoin moved relatively quickly to new highs after breaking the previous record level in December 2020, which took more than two weeks to jump from $20,000 to $30,000.

With past monitoring, the cryptocurrency benchmark took just 6 days to go from $30,000 to $40,000. Thus, analysts expect $100,000 to be reached sooner than expected.

But in fact, this phenomenon may be driven by mania and the FOMO effect which could actually jeopardize the rise of BTC to that level.

Because speculators and short-term investors enter the market through derivatives, and excessively leveraged positions weaken the bullish momentum.

Bitcoin Will Shine Before Altcoin

Various data support that the idea is seen to be stronger leading to Bitcoin which will shine first than its cousin, Altcoin.

With Bitcoin’s market cap dominance at 47.4% at its highest level since last May, CoinMarketCap noted that many popular traders have warned that now is not the time to focus on portfolios that generate a lot of altcoins.

Analysts’ current estimates suggest, in the first half of 2022, then it’s time for altcoins to shine.

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