The rally higher in the bitcoin price overnight coincides with a post by President Trump on his Truth Social platform, about a major trade deal with a “highly respected” country, widely reported to be the United Kingdom. The $100K level is particularly important with bitcoin. As a round number it has acted as a resistance level previously.
We saw substantial selling when $100,000 was reached for the first time back in November 2024. The bitcoin price dropped sharply to $90,000 in a matter of days, Simon Peters, eToro Crypto Analyst.
It is possible that we could see a similar sell-off again, and a dip lower into the $90,000’s again but this will be short-term in my opinion.
Longer-term, however, the bitcoin price should break and stay above $100,000 going forward into the second half of this year and early next year, ultimately leading to a new all-time high and the peak of the crypto bull market.
Global liquidity – essentially how much money is available in the global economy and a metric which the bitcoin price closely mirrors – is forecast to increase throughout the year, and interest rates globally should continue to come down, contributing to looser financial conditions.
Depending on what the bitcoin price is when the crypto bull market peaks – for example $150,000, $200,000, $250,000 – if we see a big drawdown in the year that follows, like 2018 and 2022, then there is a chance we could see $100,000 again, but this would be as the major bottom or end of the ensuing bear market in my opinion.
