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Bitcoin price breaks 100,000! Will there be a pullback in the near future?
With Trump's successful election as the next U.S. president in early November, the price of BTC began to soar, with a nearly 40% increase in the past month. It broke through $100,000 this morning (12/5) without any obvious pullback signs. This has led many investors to experience "fear of heights" and worry about whether there will be a pullback. So, what are the reasons behind the strong performance of BTC? Will the market adjust in the future?
Where does the upward momentum of BTC come from?
BTC currently has many Favourable Information narratives. For example, Trump himself has always been seen by the market as a presidential candidate who is more tolerant of Cryptocurrency. He has repeatedly expressed his support for BTC in public occasions and even suggested that the United States should consider BTC as a strategic reserve asset. Recently, some members of his team even proposed that the United States should sell gold and buy BTC instead. These behaviors undoubtedly bring significant Favourable Information narratives to BTC.
Under the narrative of this Favourable Information, a large amount of funds have continuously bought BTC in the past month, also driving the rise in BTC price (click to see the latest analysis). With the launch of BTC spot ETF this year, various data related to BTC ETFs can also reveal the current popularity of BTC among investors. From the data, in the past month, BTC ETF only showed net outflows on 6 trading days, while the majority of other trading days were all in a net inflow state. It can be seen that various institutions are constantly buying BTC.
At the same time, the BTC balance inventory of major exchanges has been consistently declining, indicating that the selling pressure is not strong at the moment, and the buying side is still dominant, which also determines that the recent selling pressure on BTC is not particularly significant.
When will the BTC market trend pull back?
So in the current market sentiment, will BTC have a pullback? From the current data, there is no sign of pullback in the short term. But this does not mean that the BTC market can be worry-free, because there are at least two potential underlying factors of concern at the moment.
First, it is the Christmas market. It is well known that whenever the holidays near Christmas in developed countries in Europe and America, investors and institutions tend to settle their positions and take profits. Therefore, this potential factor may put some selling pressure on the price of BTC in the near future.
Second, the recent XRP has risen too much, and the capital effect is significant. The XRP price has more than quadrupled in the last month. Since the previous Chairman of the U.S. SEC, Gray Gensler, who has been at odds with XRP, voluntarily resigned shortly after Trump's election, the market believes that XRP may finally break free from the long-standing legal disputes, thereby driving up the XRP price. Moreover, there were even rumors in the market that Elon Musk might invest in XRP, further boosting the XRP price. With XRP itself already having a high Market Cap, after this surge, its Market Cap has risen to third place in the encryption currency market, only behind BTC and Ethereum. This kind of growth rate is rare for a high Market Cap Token, thus creating a strong vampire effect, causing the funds that were originally supposed to flow into BTC, Ethereum, or Solana to ultimately flow into XRP.
Conclusion
BTC's strong performance in the past month is inseparable from the multiple driving forces of Favourable Information, capital inflows, and market sentiment. However, in the short term, the market may face seasonal selling pressure and interference from other high market cap coins such as XRP. The price trend may experience a certain degree of fluctuation.
For investors, in the current high price range, it is prudent to chase rising prices and pay attention to potential opportunities after the pullback. At the same time, in the medium to long term, the logic of BTC's rise is still strong and has good investment value. Under the dual influence of high market sentiment and external environmental changes, the future trend of BTC will still be an exciting 'game'.
This article BTC price soared to over 100,000! Will there be a pullback in the near future? First appeared on Chain News ABMedia.