Bitcoin Exceeds $ 60,000: Is $ 100,000 Next?

 

As cliche as it may sound, Bitcoin price is "another day, another record". With an increase of 5% in the past few hours, Bitcoin (BTC), the world's largest cryptocurrency, has surpassed the highly anticipated 60,000 workers on the gains of 2021. As expected, exceeding $ 60,000 has been welcomed by many in the community and their testimony. Bitcoin's market capitalization has once again reached a value of 1 trillion.

Understandably, the scale and speed of BTC's price action surprised many. Especially in the last 2-3 weeks, the crypto currency had dropped to $ 47,000. Bitcoin's last ATH came a year after the infamous Black Thursday incident, when the cryptocurrency dropped as low as $ 4,000. Since then, BTC has soared on cryptocurrency exchanges.

It is worth noting here that Bitcoin's surpass of $ 50,000 and the later $ 55,000 has been accelerated by major developments, including MicroStrategy's decision to buy more Bitcoins by offering high-end convertible bonds worth $ 600 million.

While organic developments like these clearly help price, on-chain metrics; It contributed to Bitcoin's uptrend over the past few weeks and months. For example, BTC's supply on crypto exchanges continued to decline to levels last seen in early December. 

At that time, BTC was trading at just over $ 16,000. BTC then surpassed its 2017 record and more than doubled in value in a short time. Therefore, as the supply continues to decrease, the cryptocurrency can be expected to increase further in the near term.

Will $ 100,000 be seen in the bitcoin price? In fact, until a few days ago, Bitcoin's net profit and loss had not yet peaked. This showed that many investors were not yet making significant profits. 

This also pointed out that users are hoping for further upswing in the price charts, at least in the short term. Whale Operations have also increased recently, according to what Santiment highlights. 

However, a few bearish signs can be seen here as well. For example, Bitcoin's weighted social responsiveness metric. A few hours ago, BTC was at a 5-month low despite pushing and surpassing the previous record above $ 58,500. 

In light of all these findings, what is clear is that in the near term, the movement of the world's largest cryptocurrency essaen is showing an upward trend, with a few bearish signs visible in its charts. It may not be surprising that there is a large movement in both directions. 

The big question right now is: When will Bitcoin reach $ 100,000?