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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance

Scott Matherson
Scott Matherson
10 months ago
4 mins read
bitcoin

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Despite heightened expectations for the Bitcoin price to hit the $100,000 milestone, a crypto analyst has surmised that this key target could present psychological resistance for the pioneer cryptocurrency. Amidst this bearish warning, the coin’s price’s continued upward movement towards the elusive $100,000 mark has become the center of attention in the crypto community.  

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$100,000 Bitcoin Price As A Psychological Resistance 

Crypto analyst Gert van Lagen recently took to X (formerly Twitter) to announce to his 108,000 followers that the Bitcoin price is approaching the $100,000 all time high. The analyst has suggested that its climb to $100,000 would be like hitting major price levels of $10, $100, and $10,000 for the first time. 

According to Lagen, the $100,000 milestone is set to present a psychological resistance for Bitcoin, potentially leading to short-term price volatility. Based on the analyst’s statements, this psychological resistance could temporarily stall the crypto’s rally above $100,000. 

While sharing this bearish warning, Lagen also issued a bullish forecast for Bitcoin, highlighting that a surge to the target zone of $220,000 to $320,000 was likely before the global recession set in. While this prediction could be well received by BTC if it continues on its bullish momentum, the analyst has asserted that the timeline to reach these heights may be limited. 

BTCUSD is currently trading at $98,479. Chart: TradingView

In preparation for the projected Bitcoin psychological barrier, Lagen has advised crypto investors to short their BTC at the $100,000 mark. Traders who leverage this strategy will have to bet on the possibility of a price correction in Bitcoin before it experiences any significant breakout to the upside. 

With Bitcoin approaching the $100,000 price level, the stakes are getting higher, as analysts believe that this key milestone could serve as a launch pad to propel the cryptocurrency to a price top. For now, the price is trading at $98,560, marking a 7.63% increase in the last seven days as bullish sentiment and momentum continue to grow.  

Massive Liquidation To Follow If BTC Hits $100,000 

Although the crypto market is anticipating Bitcoin’s price rise to $100,000, a prominent analyst has revealed that massive liquidation could be triggered once BTC reaches this fundamental level. According to Ali Martinez, $1.89 billion is set to be liquidated if Bitcoin jumps to the $100,625 level. 

Based on the analyst’s chart, this Bitcoin liquidation represents its “cumulative short liquidation leverage.” This analysis follows reports of a large-scale Bitcoin liquidation, as Martinez recently revealed that a whopping 65,000 BTC, valued at $6.37 billion, was withdrawn from exchanges. 

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Martinez has also revealed that Bitcoin’s TD Sequential is flashing a sell signal on its 4-hour chart. Given this, the analyst has predicted a significant correction to the $97,085 mark. On the flip side, the analyst has disclosed that if Bitcoin can hold a candlestick above $100,470, it would invalidate the bearish formation and potentially propel its price towards $102,656 or $104,343.

 

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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