Crypto Analyst Suggests Bitcoin Could Retest $100K: Key Indicators Point to Bullish Momentum Bitcoin (BTC) may be gearing up for a retest of the $100,000 psychological resistance level by the end of 2024, according to an analysis shared by Cointelegraph . Citing insights from CryptoQuant contributor Burrakesmeci , the analysis points to rising Taker Buy Volume on Binance as a key indicator of growing demand and potential upward momentum. What Is Taker Buy Volume? Taker Buy Volume measures the total value of buy transactions executed by market takers—traders who place market orders that match existing limit orders on the exchange. Why It Matters Trend Indicator : Higher Taker Buy Volume suggests increased demand for Bitcoin, often signaling bullish sentiment. Market Confidence : Consistently rising buy volume indicates that investors are willing to pay the market price, a strong signal of confidence. Rising Taker Buy Volume on Binance Higher Lows Signal Upward Momentum Since October 28 , Taker Buy Volume on Binance has been establishing higher lows, reflecting sustained buying interest. Key milestones include: December 1 : Volume dipped below $5 billion . December 15 : Hovered just under $6 billion . December 25 : Surpassed $6 billion , reinforcing the upward trend. What Three Higher Lows Mean Technical analysts often interpret three consecutive higher lows as a sign of an emerging bullish trend. This pattern aligns with the broader market anticipation of Bitcoin revisiting the $100,000 mark. Bitcoin’s Path to $100K: Factors at Play 1. Market Sentiment and Psychological Resistance $100,000 is a significant psychological barrier, often acting as a magnet for traders aiming to capitalize on major price milestones. Positive sentiment driven by institutional adoption and increased ETF inflows could push BTC closer to this level. 2. Binance Data as a Bellwether As one of the world’s largest crypto exchanges, Binance’s trading metrics, such as Taker Buy Volume, offer a reliable snapshot of market trends. Rising buy activity indicates robust demand, suggesting that investors expect further price appreciation. 3. Macro and Fundamental Drivers Spot Bitcoin ETFs : Continued inflows into ETFs have brought fresh capital to the market. Halving Event : The upcoming Bitcoin halving in 2024 is expected to reduce supply, historically a bullish catalyst. Institutional Interest : Companies and funds increasingly view Bitcoin as a hedge against macroeconomic instability. Potential Risks and Corrections While the rising Taker Buy Volume points to bullish potential, Burrakesmeci warns that the market may be overheated: 1. Short-Term Corrections Bitcoin’s volatile nature often results in sharp pullbacks, even during bullish trends. Corrections are common near key resistance levels like $100,000, as traders take profits. 2. Macro Uncertainty Global economic conditions, including interest rate decisions and regulatory changes, could impact Bitcoin’s trajectory. 3. Overleveraged Positions Excessive leverage in the market may lead to liquidations, amplifying downward pressure during corrections. Historical Context: Bitcoin’s Previous Milestones Bitcoin has approached key psychological levels in past bull cycles, often requiring multiple attempts to break through resistance: Cycle Year Key Resistance Level Outcome 2017 $20,000 Reached milestone but corrected sharply. 2021 $64,000 Surpassed resistance but faced volatility. 2024 $100,000 (predicted) Pending test of psychological barrier. Analyst’s Outlook for 2024 Burrakesmeci remains optimistic about Bitcoin’s potential to retest $100,000, citing the following indicators: Sustained Buy Demand : Rising Taker Buy Volume is a strong bullish signal. Market Resilience : Despite corrections, Bitcoin has shown the ability to recover and build momentum. However, the analyst emphasizes the importance of closely monitoring trading activity and macroeconomic trends as the year progresses. Conclusion Bitcoin’s rising Taker Buy Volume on Binance suggests a potential retest of the $100,000 level by the end of 2024, marking a major milestone in its adoption and market performance. While short-term corrections and macro uncertainties could pose challenges, the overall trend remains positive, supported by growing institutional interest and strong demand signals. For investors, aligning with these market indicators and maintaining a balanced strategy could provide opportunities to capitalize on Bitcoin’s next major price move. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries.
