Bitcoin nears $100K as spot buying drives the rally. Analysts predict it could hit the six-figure mark soon, with strong retail demand.
Bitcoin’s price has surged in recent days, reaching levels not seen since November. Analysts are predicting that the cryptocurrency could soon hit the $100,000 mark.
Much of this rally is being driven by spot buying, a key market factor that investors are watching closely.
As Bitcoin nears this psychological level, many are wondering if it will hold or continue to rise.
Surge in Spot Buying Drives Bitcoin Rally
Spot buying has been a major factor in Bitcoin’s recent price increase. Unlike futures or options contracts, spot buying means investors are purchasing the actual Bitcoin.
This signals real demand in the market and could lead to more sustainable price growth.
According to analyst Will Clemente, this rally is “led by spot buying,” which gives more confidence to investors.
Over the past 24 hours, Bitcoin’s price jumped by 4.65%, reaching $95,190. This was a key milestone, bringing Bitcoin closer to the $100,000 level.
While some traders were caught off guard, the rally shows that there is strong underlying demand for the digital asset.
As long as spot buying continues, Bitcoin may push past the $100K barrier.
Despite the surge, there is still some resistance in the market. Bitcoin faced rejection at the $2.4-$2.5 level, which could slow its ascent.
However, analysts believe that with enough spot demand, Bitcoin could break through this resistance in the near future.
Analysts See $100K as Likely in the Near Term
Several market analysts are optimistic about Bitcoin’s chances of reaching $100,000 soon.
Michaël van de Poppe, a well-known trader, believes Bitcoin will hit $100K in the coming week.
He noted that dips in the price should be seen as buying opportunities for investors. According to him, “the bull market hasn’t died; it’s about to start.”
Crypto prediction platforms are also showing strong confidence. According to Polymarket, there is a 51% chance that Bitcoin will reach $100,000 by February 1.
There is also a 23% chance that Bitcoin could go even higher, surpassing $105,000. These figures suggest that the momentum is building for Bitcoin to continue its climb.
Historically, January has been a modest month for Bitcoin. However, February has shown stronger returns in the past.
If Bitcoin continues to rally in January, the next month could see even more significant gains.
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Retail FOMO Could Drive Further Gains
If Bitcoin approaches $100,000, retail investors may start rushing back into the market. According to crypto sentiment platform Santiment, this could trigger “retail FOMO,” or fear of missing out.
As Bitcoin nears the six-figure mark, more individual investors might want to get in before the price rises further.
For the past two months, crypto sentiment has been largely negative. This was due to a market downturn that began in October. The Crypto Fear & Greed Index has remained low, signaling cautious sentiment from investors.
However, the situation could change quickly. As Bitcoin continues to rise, more retail investors may feel the urge to buy in.
This could fuel further price growth and help push Bitcoin toward $100,000 and beyond.
The combination of spot buying and retail FOMO could give Bitcoin the boost it needs. If this trend continues, Bitcoin might not only reach $100,000 but also set new records in the near future.
Source: https://www.livebitcoinnews.com/will-bitcoin-hit-100k-analysts-say-spot-flows-are-the-key/
