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- Analyst Ki Young supports buying Bitcoin at $100K anticipating a $145K price.
- Multiple metrics pointed $100K as the level to propel BTC to $160K.
As Bitcoin [BTC] continued to show strength, CryptoQuant analyst Ki Young posed a timely question on X – Should you buy Bitcoin at $100K?
Ki Young’s first key consideration in the checklist was if potential buyers questioned whether they would regret not purchasing if Bitcoin climbed to $145K.
Also the readiness of potential buyers for a possible bear market and the ability to withstand corrections of over 30% without panic selling.
He added that the long-term commitment was also crucial, suggesting a minimum holding period of one year.
Why $100K level is key
Analysis of Bitcoin’s open positions over the past week showed concentration at the $100,480 price level.
This specific point registered the peak number of open contracts and could be crucial for Bitcoin’s price movement. The emphasis on this level suggested it as a key area for traders, indicating strong interest and possible contention between buyers and sellers.
Source: Hyblock Capital
There were varied activities across other price levels, but none matched the intensity seen at $100,480.
This concentration of open positions could serve as either support or resistance, influencing Bitcoin’s price movement if tested. The patterns often signaled key psychological and strategic market thresholds, where future price actions could pivot.
Further analysis showed that the price remained below the previous day’s high at $101,888.
This level, alongside the high-leverage short liquidity levels, formed a resistance area which BTC briefly approached before retracing, indicating a struggle to break higher.
Source: Hyblock Capital
The liquidity levels suggested that $100K was a pivotal level providing traders with insights for potential high reward-to-risk entry points.
BTC price prediction
Bitcoin consolidated for a period of eight months, embarking on a substantial ascent. This phase served as a buildup before BTC experienced a breakout.
Historically, such patterns suggested potential further gains. Therefore, analysts speculated that Bitcoin could climb towards $145K and perhaps even reach as high as $160K in this cycle.
Source: Trading View
BTC could surge if it sustains momentum beyond the breakout phase, coupled with increased market participation and favorable macroeconomic conditions.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
The steep uptrend reinforced the sentiment that Bitcoin’s previous long-term consolidation was a prelude to more significant gains.
Bitcoin could either test resistance levels or establish new support zones, pivotal for its pathway to potentially reach $160,000.
