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Cryptocurrency

Bitcoin Faces Pressure to Hold $100K as Analysts Weigh In

2024-12-10

Bitcoin BTC/USD currently finds itself under significant pressure to maintain its position above the crucial $100,000 threshold. Market participants are divided on whether this cryptocurrency will continue its upward momentum or experience a further retreat before the end of the year. After a sharp liquidation event that wiped out over $1.58 billion, Bitcoin is currently trading at $97,620, showing a 1% decline in the past 24 hours, as per data from CoinGecko. The pullback even took Bitcoin as low as $94,725 during the late European trading hours.

Market Analysts Weigh In On BTC’s Path Forward

Alex Kuptsikevich's Perspective

Chief market analyst at FxPro, Alex Kuptsikevich, considers another failed attempt by Bitcoin to consolidate above $100,000 as a crucial moment. He noted that "The bulls once again failed to consolidate above $100,000, triggering an impressive sell-off that bottomed at $94,000." However, despite this setback, Kuptsikevich remains optimistic about Bitcoin's trajectory. He stated, "We still see potential for Bitcoin to rise into the $120,000 area once resistance at $100,000 is decisively overcome."

10x Research Analysts' View

Analysts from 10x Research emphasized the critical role of Bitcoin's $95,000 support level. They told Benzinga, "Failure to hold this level could signal that the 2024 highs are already in." They also pointed out that the 30-day moving average at $94,336 is acting as a risk benchmark. "A close below $95,000 might suggest an extended consolidation phase, and traders should proceed cautiously."

Jordi Visser's Analysis

Jordi Visser, the lead contributor to the In Search of Green Marbles podcast, highlighted Bitcoin's remarkable performance over the past two years. He noted, "Bitcoin is up over 100% for the second year in a row. While debates about a breakout or bubble top dominate, I believe this is still the early phase of Bitcoin's story amidst U.S. stock debasement." Visser's analysis included historical signals suggesting further growth potential but also warned of short-term volatility.

Technical And Sentiment Analysis

Fairlead Strategies' Outlook

In a note sent to Benzinga, Fairlead Strategies maintained a neutral short-term outlook for Bitcoin while reaffirming its bullish intermediate- and long-term projections. Analysts Katie Stockton and Will Tamplin pointed out, "Bitcoin briefly cleared $100,000 last week but failed to hold gains, leaving a flag breakout unconfirmed. Support sits at the 50-day moving average near $84,700, with resistance still around $100,000." The firm also noted that Bitcoin's trading pattern resembles a "bullish long-term cup-and-handle," suggesting that its uptrend remains intact for 2025.

Liquidation Cascade Highlights Market Volatility

Over $1.39 billion in long positions were liquidated, contributing to the price decline, according to data from CoinGlass. Centralized exchanges accounted for $1.69 billion of the liquidations, while decentralized exchanges on blockchains like Solana SOL/USD saw $307 million in liquidations, as the data shows.

Michael Saylor, the co-founder and executive chairman of MicroStrategy MSTR, has ignited a significant debate with his call for a radical transformation in the U.S. economic strategy. In a yet-to-be-released episode of the Galaxy Brains podcast, he boldly labeled gold as a "shiny dead rock" and presented a provocative plan to enhance the U.S.'s global economic leadership through the embrace of cryptocurrency.

Unleashing the Power of Bitcoin to Redefine U.S. Economic Dominance

Bitcoin as a Strategic Reserve Asset

Saylor emphasizes that if the U.S. wishes to elevate its economic standing in the world, there are two straightforward strategies. One is to dump gold and instead invest in Bitcoin BTC/USD. By replacing gold with Bitcoin as a strategic reserve asset, the U.S. can demonetize an asset that is heavily held by rival nations. This move would allow the U.S. to capitalize on Bitcoin's remarkable growth potential. As he stated, "If you want to elevate the U.S.’s economic leadership in the world, there are two very simple strategies. Dump the gold and buy Bitcoin." Saylor further added that this approach could enable the U.S. to acquire 20-25% of the Bitcoin network, significantly bolstering its economic might. "Drive Bitcoin to the roof and then have 25% of the Bitcoin network forever," he said.Moreover, Saylor's recommendations extend beyond Bitcoin. He advocates for a regulatory framework that would support the U.S.'s dominance in the digital currency space. He proposed a system where financial institutions like JPMorgan and Goldman Sachs could issue their own stablecoins. These stablecoins would be defined as U.S. dollar-backed assets held by regulated custodians. This approach, he argues, would solidify the dollar's status as the global reserve currency. "You create $10 trillion of digital currency, and every single currency in the world will actually just merge into the U.S. dollar," Saylor asserted, envisioning a future where digital dollars replace global fiat currencies, including the euro, yuan, and ruble.

Shifting Global Capital and Securing Financial Dominance

Describing his plan as an "evil genius strategy," Saylor outlined how redirecting global capital from traditional assets like gold and real estate to Bitcoin could funnel wealth into U.S. companies and the government. He emphasized that such a move would secure the U.S.'s financial dominance while simultaneously benefiting the country's corporate sector. "Sell the past, own the future," he concluded, highlighting the potential of this shift in asset allocation.MicroStrategy currently owns 423,650 Bitcoin, valued at $42 billion at current prices. This significant Bitcoin holding by MicroStrategy showcases Saylor's confidence in the digital asset and its role in shaping the future of the U.S. economy.The implications of Saylor's proposals are far-reaching. By advocating for a shift from gold to Bitcoin and establishing a regulatory framework for digital currencies, he is challenging the traditional economic paradigms and paving the way for a new era of financial dominance. As the world watches closely, the impact of these ideas on the U.S. economy and the global financial landscape remains to be seen.

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