Here’s what needs to change for Bitcoin to reach $110,000: Sentiment

Bitcoin price action improved in recent days and the asset even approached $100,000 yesterday evening as the crowd became very bullish again.

However, it stopped there and pushed south by a few grand amid reports of a growing number of investors taking profits.

What needs to be changed

Analyst firm Santiment has often reiterated the importance of general crowd expectations for underlying asset prices. But what happens is usually the opposite of the general expectation.

The developments of the last 48 hours have only solidified his theory. The price of BTC went from around $94,000 on Christmas Eve to around $100,000 yesterday evening, but its recovery stalled at that time and the asset is back at $98,000 now.

Santiment indicated that “traders are turning bullish again, with $110,000 speculation soaring.” While this may seem bullish for bitcoin at first, the firm reiterated its belief that the cryptocurrency tends to go against what most expect, saying, “Historically, we will see $100,000 Bitcoin only after the crowd doesn’t I hope so.”

Bitcoin has surged to $99.8K on a bullish Christmas crypto performance. Traders are turning bullish again, with speculation at $110,000. Historically, we will see Bitcoin at $110,000 only after the crowd doesn’t expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio

— Santiment (@santimentfeed) December 26, 2024

Obtaining benefits

During the market-wide correction that took place over the last week, in which the price of BTC fell sharply from over $108,000 to $92,000, investors began to dispose of large portions of their deposit. The data shared by Ali Martinez shows that they had made more than $7 billion in bitcoin profits as of December 23 alone.

As of December 23, over $7.17 billion #Bitcoin $BTC benefits were achieved. pic.twitter.com/Eve4OSnXQ3

— Ali (@ali_charts) December 26, 2024

The technical analyst further described $97,300 as a crucial support level for BTC given the large number of investors who had bought approximately 1.5 million BTC there. He noted that 1.51 million portfolios have spent nearly $150 billion to turn this level into support now. Generally, when new investors see their positions go into the red, they tend to start panic selling, which is why it’s important for BTC to stay above $97,300.

The most significant level of support for #Bitcoin is $97,300, where 1.51M portfolios bought about 1.49M $BTC. pic.twitter.com/hDnBnhwMZw

— Ali (@ali_charts) December 25, 2024

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