CZ Calls $100,000 Bitcoin ‘Boring’: What’s Next?

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When Bitcoin exceeds $100,000, Binance’s founder, Changpeng Zhao, playfully dismisses the figure as unexciting. With this notable achievement, questions are being raised about what’s next for Bitcoin and if it still has room to grow. The fact that Bitcoin has reached $100,000 is a significant milestone, indicating a rise in both institutional and individual investor interest.

In simpler terms, these two moving averages (26 EMA and 50 EMA) are helping sustain a strong upward trend as per recent price charts, indicating that the bullish trend continues. The asset has potential for further growth without being considered overly bought, based on the Relative Strength Index (RSI), which stands at approximately 59. Although the trading volume has risen somewhat, it’s not yet significant enough to hint at a manic buying spree or a peak in market cycles, as such events are typically characterized by.

Moreover, the surge in open positions for Bitcoin futures continues to fuel its upward trend as an influx of margin traders take on new positions. A study of 30 significant market indicators provides valuable insights. It seems that the market is not yet reaching a boiling point, since measures such as the Mayer Multiple and Bitcoin Pi Cycle Top are still comfortably below their critical levels.

Looking at current market indicators, we find that the MVRV Z-Score stands at 2.97, much lower than the usual 5.0 threshold associated with market peaks. The 22-day Relative Strength Index (RSI) is at 59, significantly below the overbought level of 80. Meanwhile, the Bitcoin Bubble Index rests at 13.48, far from the territory above 80 that signals a bubble. Given this data, it seems that Bitcoin’s price movement may be in the early to mid-phase of a larger bull run.

Based on past trends before significant corrections or prolonged periods of stability, there could be more room for Bitcoin to rise. Attention now shifts towards key resistance levels at $110,000 and $120,000 as Bitcoin hovers around $100,000. If Bitcoin maintains its current pace with increased trading activity, it’s possible that these targets could be met soon.

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2025-01-07 15:12