Bitcoin is inching closer to reclaiming the much-coveted $100,000 level, currency trading at $98,407, according to CoinGecko data.
Earlier this Thursday, Bitcoin reached an intraday high of $98,504 after a 2.5% price increase.
The flagship cryptocurrency is now nearing key horizontal resistance.
🚨 Crypto alert:
[#BTC-#USDT] Near Horizontal Resistance (1h) pic.twitter.com/zR365x5aMU
Over the past two weeks, the bulls have repeatedly tried and failed to gain a foothold above the $98,000 level.
Bitcoin has not traded above the $100,000 level since Feb. 7, prompting some speculation about whether or not the cryptocurrency’s rally has already run out of steam.
The cryptocurrency reached a new all-time peak of $109,356 on Jan. 20 on the Bitstamp exchange. However, it has since experienced a painful 16% correction.
As reported by U.Today, banking giant JPMorgan recently predicted that Bitcoin might experience a substantial correction due to waning demand for CME futures, which suggests lower institutional demand. Its analysts also noted that there was no bullish catalyst in the short term.
“$100K and the party starts”
However, some pundits are more optimistic. Famed pseudonymous trader DonAlt believes that a major rally might start once the cryptocurrency crosses the $100,000 level. However, he has cautioned market participants that it is too early to celebrate for now.
Earlier today, popular trader Bob Loukas also predicted that Bitcoin might leave the five-digit territory for good soon.
Loukas recently stated that there was “no reason to doubt” the market since it appears to be “primed for a major advance.”
