Bitcoin’s been on a tear lately, almost hitting $100,000! This is a huge psychological barrier, and breaking it could send the crypto market soaring. But is it all hype, or is there real demand driving this price surge?
Is This a Bubble? Probably Not.
According to CryptoQuant CEO Ki Young Ju, it’s too early to call it a bubble. He points out that the total market cap hasn’t exploded compared to the amount of Bitcoin actually moving on the blockchain (on-chain capital inflows). This suggests real buying pressure, not just speculative frenzy.
$141,000? The Numbers Say It’s Possible.
Ju’s analysis suggests Bitcoin could hit a whopping $141,000 before this bull run peaks! He’s looking at the “realized cap,” which tracks the value of all Bitcoin based on its last on-chain transaction price. This is a good indicator of overall investment. Historically, during bull markets, Bitcoin’s market cap surpasses its realized cap, and this is happening now. The rising realized cap supports the idea of further price increases.
The $100,000 Hurdle: Breakthrough or Bust?
Bitcoin is flirting with its highest weekly close ever, currently sitting just above $98,000. Technically, the price action shows a bullish “cup and handle” pattern (a chart pattern suggesting a price surge is coming). A strong close above $98,000 could easily push Bitcoin past $100,000.
However, there’s a caveat. A weak breakout could lead to a pullback. Failing to stay above $98,000 could signal a short-term correction. But even with the possibility of a minor dip, the overall feeling is still bullish. Breaking $100,000 decisively would likely fuel even more gains.
