bitcoin has undergone an unprecedented bullish breakout, breaking all-time highs almost daily for the past three weeks. After an impressive rally, the price is less than 2% away from the $100,000 mark, a critical psychological level that could become a turning point for the entire cryptocurrency market. Investors and analysts alike are closely monitoring this milestone as passing it may fuel a new wave of market momentum and broader adoption.
On-chain data shared by CryptoQuant CEO Ki Young Ju suggests that bitcoin's current rally may still have room to grow. Ju highlights that the market seems too early to call a bubble, as the overall market capitalization has not increased significantly compared to the cumulative inflows of on-chain capital. This metric indicates that the price action is supported by actual demand rather than speculative hype, reinforcing confidence in bitcoin's sustained bullish trajectory.
With bitcoin leading the way, its approach to $100,000 could set the tone for the rest of the cryptocurrency market. Whether it breaks through or faces resistance, the outcome will likely influence market sentiment, offering a glimpse of what lies ahead for the world's largest cryptocurrency and the digital asset space as a whole.
bitcoin Metrics Set High Expectations
bitcoin has been setting record levels, but is “struggling” to break the critical $100,000 barrier. Despite this, the overall market sentiment remains bullish and analysts predict that the price could continue to rise. <a target="_blank" href="https://x.com/ki_young_ju/status/1860527794805178800/photo/1″ target=”_blank” rel=”noopener nofollow”>CryptoQuant CEO Ki Young Ju has shared valuable information about xrevealing that bitcoin's cycle top could potentially surpass $141,000.
According to Ju's analysis, current market dynamics suggest that btc is still in the early stages of its bull market, making it premature to call the rally a bubble. A key fact that Ju highlights is the realized limit, which has increased steadily every day. The realized limit, calculated by adding the value of all btc to the price at which it last moved on-chain, serves as an indicator of total capital inflows into the btc market.
Ju notes that historically, bitcoin's market capitalization tends to exceed its realized capitalization during bull markets, and the market capitalization peaks when retail investors enter. During bear markets, market capitalization often falls below realized capitalization.
As the realized limit continues to rise, it supports the argument for a continued upward trajectory in the price of btc, with the potential to reach or even surpass $141,000 before the market peaks. This analysis reinforces that despite bitcoin's near-fight to break $100,000, the market still has significant room for growth before reaching a potential peak.
Rising demand for btc drives up price
bitcoin is poised for its highest weekly close in history as it approaches the $100,000 mark and is currently holding strong above $98,000. The price action has confirmed the bullish accumulation pattern, a cup and a handle, that began to form in November 2021.
This pattern suggests that btc is building a solid foundation, and a confirmed break above $98,000 could set the stage for a rise beyond the psychological $100,000 level as soon as Monday. A strong close today could indicate a continuation of the uptrend, with potential for further bullish momentum.
However, there is some caution about the possibility of a weak breakout. If the price struggles to stay above $100,000 after a breakout, it could trigger a pullback, leading to a correction before the next phase of the rally.
Failure to hold above $98,000 today would also increase the risk of a short-term pullback, and support levels below this mark would become key in determining the strength of the current rally. Despite the possibility of a minor correction, overall market sentiment remains bullish, with many analysts anticipating continued gains if the $100,000 level is decisively broken.
Featured image of Dall-E, TradingView chart
