Even though this move to new record highs did not spark “euphoria,” analysts say it is necessary for pushing BTC’s price higher.
Lack of crowd euphoria “encouraging sign” for BTC
Despite this new milestone, there was lackluster crowd interest, with market intelligence firm Santiment describing the commentary across social media as “lukewarm at best.”
The onchain data analysis firm added that the lack of euphoria on social media was an “encouraging sign” for Bitcoin’s price as fear of missing out (FOMO) often leads to corrections.
“As long as there is retail trader disbelief, whales can continue pumping cryptocurrencies with little resistance.”
Although the latest rally to the previous all-time high at $93,480 on Nov. 13 resulted in the highest interest since 2021, the metric has dropped from 100 to 48 over the last seven days.
The chart below shows that the social media interest in Bitcoin rarely moved on Nov. 19 when BTC’s price hit its current all-time high.
$100,000 Bitcoin price “is coming” — Analyst
“BTC just started its parabola like in previous cycles,” popular analyst Moustache said in their latest Bitcoin analysis on X.
The analyst shared the chart below showing BTC’s price playing out a similar setup as the one that happened just before the 2021 parabolic move.
According to the analyst, BTC is just at the beginning of this cycle’s parabolic phase, and if it follows the same trajectory, the price could move exponentially to areas above $100,000.
“$100,000+ is coming ladies and gentleman.”
Bitcoin’s potential to hit $100,000 “continues to hold the highest concentration of open interest,” trading firm QCP Capital said in a note to investors.
It added that Bitcoin’s spot price, which has been above $90,000 over the past few days, provides the “foundation BTC needs for a move higher.”
“This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.”
Meanwhile, Bitcoin analyst Bitcoin Munger shared a Glassnode chart showing intensive accumulation across all cohorts, adding that BTC is likely to go “way past” $100,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.