Bitcoin has always been a popular cryptocurrency in the digital coin market. But right now, it’s making headlines again as it is about to cross the $100K mark.
Key-Takeaways:
- Bitcoin is about to reach the $100K milestone. But experts are warning everyone of the potential market volatility.
- Major accumulation zones exist at $39,000-$40,000 and $62,000-$64,000
- Market risks include potential sharp price drops and high leverage
Key Market Insights
As of this moment, experts and analysts are betting on the future of Bitcoin. Would you join the market amidst its volatility?
Accumulation Zone: Where Investors Are Buying
- The range of $39,000 to $40,000 recently saw a heavy buying rate with over 322,000 billion purchased from the market.
- Proceeding higher, the range between $62,000 to $64,000 saw investors building strong positions.
- Recently, over 101,000 Bitcoins were bought for between $96,000 and $ 98,000.
Warnings from the Experts
People won’t like me saying this, but if $10T is the round # target, then we likely fall short of it this cycle.
It was a good rallying cry from a capitulation bottom, and will prove directionally correct this cycle, only to be exceeded with time. That said, as we enter a… pic.twitter.com/r1y8HE0DQf
— Chris Burniske (@cburniske) December 5, 2024
Experts from different fields related to the crypto market have voiced their concerns. A former ARK Invest analyst, Chris Burniske, reminds everyone to be cautious against setting sky-high expectations of the changes. Chris said in a Twitter post, “That said, as we enter a period of increasing frenzy, where dreams grow larger by the day, and bull market geniuses abound, it’s important to be realistic.”
Meanwhile, Mike Novogratz from Galaxy Digital warns about potentially high market leverage, predicting a possible sharp price drop that could “test your soul.”
Experts are also warning everyone to be vigilant about a major crash, based on predictions caused by macroeconomic pressure on the world economy.
Potential Market Risks
With a higher value, this brings more risk to the digital coin, Bitcoin. As of this moment, the overall value of Bitcoin is about $2 trillion, making this coin the world’s 11th-largest economy. Furthermore, the support range for the coin is between $96,000 – $98,000.
If the prices drop below $88,000, experts predict that there will be a faster decline that can potentially lead it to reach $39,000 – $40,000.
The Future of the Market
The market’s future mainly depends on multiple factors. However, it can be based on the current economic trends that are relevant to the economy of countries and the overall landscape. Additionally, as more investors are becoming more anxious about the market’s volatility, the sentiments of each investor can affect the future of the market.
And lastly, it can be affected by the political landscape. A great example of the previous situation from South Korean Martial Law can be taken as an example.
Conclusion
While Bitcoin has hit multiple major milestones, experts advise everyone to be cautious and wise at investing. The journey of the digital coin reaching $100,000 doesn’t guarantee a straight path forward.
What are your thoughts about the future of Bitcoin? Share your thoughts in the comments below.
