Bitcoin (BTC) at a Crossroads: $100K Breakout or New Correction Ahead?

The primary cryptocurrency has been trading above $90,000 for the last couple of days, but bulls have been unable to achieve a decisive upside breakout.

Some analysts believe the asset is currently at a turning point, predicting an ascent above $100,000 if key levels are reclaimed. Others are less optimistic, envisioning a brutal crash in the following months.

The Future Targets

As of this writing, BTC trades around $93,000, up 2% on a daily scale. According to X user Ted, this will be the eighth or ninth attempt for the asset to reclaim that resistance zone, envisioning a pump to as high as $102,000 if this time succeeds. On the other hand, a rejection “means BTC will be back to being a $90,000 stablecoin.”

TraderSZ was much more optimistic, predicting a jump to a new all-time high of $144,000 “soon.” For his part, the renowned analyst Ali Marinez called $94,555 “the bullish trigger” for BTC.

However, his recent BTC forecasts also include a bearish scenario. Just a few hours ago, Martinez suggested that the asset is in a downward spiral, projecting that it will reach its cycle bottom in the range of $38,000 – $50,000 in 267 days.

What are the Metrics Telling us?

Many technical indicators signal that a move in favor of the bears is a plausible option. Over the past week, inflows into exchanges have surpassed outflows, hinting investors may be preparing to cash out.

BTC Exchange Netflows, Source: CryptoQuant

Furthermore, addresses holding between 1,000 BTC and 10,000 BTC have dumped 220,000 units in the last year. The USD equivalent of this stash is more than $20 billion, and the action suggests reduced confidence among that cohort of investors. A sell-off of that magnitude may spread panic and cause smaller players to exit the ecosystem as well.

On the other hand, the popular Fear and Greed index shows that BTC remains in “fear” territory. In general, this means that most market participants are cautious due to negative news, uncertainty, and falling prices. In some cases, though, such moments have been a precursor of a rebound as they might indicate cycle lows.

BTC Fear & Greed, Source: alternative.me

Some renowned investors believe the best buying opportunities occur when there’s blood on the streets. One of Warren Buffett’s most famous quotes on the matter (albeit not specifically about BTC) states:

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