Bitcoin price discovery nears: 100K an inevitability

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(Edited)

Bitcoin price discovery nears: 100K an inevitability.




With Bitcoin on the cusp of new all-time highs, the 100K psychological level remains an inevitability.

Bitcoin reaching 100K is inevitable.

As things stand right now, there is no other outcome.

With Bitcoin (BTC) on the cusp of breaking through its current all-time highs, the asset will enter whats known as a period of price discovery.

Let’s explore the price discovery concept a little further by going over what it is and taking a look at the current Bitcoin price action.

Bitcoin to enter price discovery

Once the 65K current all-time highs are broken, Bitcoin will enter what is called price discovery.

Price discovery is the process by which buyers and sellers try to determine the market price.

Markets are just a reflection of human behaviour and is the sole reason that previous levels of support/resistance remain relevant.

Humans can relate to levels that price has previously reacted to, so they’re a sort of self fulfilling prophecy.

But when markets enter huge gaps between obvious support/resistance zones or new all time highs such as what we’re about to see in Bitcoin, there is nothing to base trading decisions on.

Hence the term price discovery as buyers and sellers blindly explore who’s willing to pay what.

As there’s no longer a clear framework, markets in price discovery often swing wildly or simply run away in a single direction.

With this in mind, what do you think is likely to happen to Bitcoin once it enters price discovery?

Let’s take a look at the chart.

Bitcoin’s march to 100K

I’ve said it a million times already and I’m going to say it again.

Bitcoin hitting 100K is inevitable.

Bitcoin price chart from TradingView:

Bitcoin price chart from TradingView.

The question now becomes how quickly after entering price discovery, will the inevitability play out.

By now we’ve seen the Google trends chart that perfectly shows how we're nowhere near peak retail mania.

This BTC rip to 60K is still largely a move driven by institutional smart money.

Let that sink in and then consider how much higher this thing has to rip when retail investors start to feel they’ve missed the boat.

Combine a period of price discovery with an influx of dumb money who will literally pay anything and price is only going to go one direction.

Up.

To the next major psychological round number, which just happens to be 100K..

It's reckless to not be exposed to Bitcoin right now.

Best of probabilities to you.




Direct from the desk of Dane Williams.

Why not leave a comment and share your thoughts on Bitcoin’s nearing price discovery, within the comments section below? All comments that add something to the discussion will be upvoted.

This Bitcoin (BTC) blog is exclusive to leofinance.io.

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23 comments
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Broke $AUD80k today! Massive

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How do you go talking to Australian friends/family about crypto prices?

If price comes up in conversation, I'll inevitably speak in USD terms just because it's second nature due to the charts I look at daily.

Always unnecessarily confusing haha.

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I'll often use USD terms as Crypto is just an extension of the US Dolla and I'll also say "for every $1 USD at around an additional 30c for the Australian figure" although that tends to fluctuate.

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Well...it seems like people might FOMO in if enough people buy after breaking 65k. However I still think it will retest that 65k level eventually after surpassing it.

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I can see that scenario playing out too.

Compare this 65K resistance level with what happened when Bitcoin was capped at 20K.

Price broke through and ripped hard.

But eventually came back to retest previous resistance as support.

The key is that it never went back below that 20K level again though!

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It is just a bit under 20M HUF right now. I know USD is the main measure, but think about how investors live in their own little countries around the world and observe the prices in their own national currencies.
It makes sense that some of them buys because he/she wants to see that number flip over, even when the USD price is boring at the moment.

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I think we have to look at what stage of the bull market we are in. When you take that into account, as well as previous behavior, I would say that the direction will be significantly one direction with smaller retracements, relatively speaking in comparison to upward momentum.

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There are 2 defining "metrics" if you will, firstly that of time and secondly price. From a point of time, we are closing in on the end. From a point of price, we have a way to go. That is how these cycles work. I have seen it over and over again... people will be shocked by the price action, largely due to it not being measured against the predictability of the asset.

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$100K is inevitable! I hope the price surpasses $1-$2 million in this Bull Market Cycle.

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(Edited)

I really liked the following chart you shared in your daily Bitcoin TA blog.

Bitcoin Technical Analysis

Another angle is to compare what happened to the Bitcoin price when it broke out of 20K.

It never went back below!

Can see the same thing happening as the 60K resistance flips to support that's likely never to be broken again.

Bitcoin is just too scarce and demand too strong.

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Thanks for linking my post to yours. Means a lot to me.
Related to the topic, I believe Bitcoin is going to get to $100,000, after breaking previous ATHs, sooner than it took to recover from the $30,000 fall. Price discovery will be spectacular this cycle and my gut feeling tells me we have high chances of entering a super cycle, considering how much institutional money we have in the market already.

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No worries Adrian, your thinking in that post really resonated with me :)

There's no doubt that following Google Trends for retail sentiment works and as you can see on that chart, retail is still nowhere to be seen.

Bitcoin is about to break to new all-time highs as I'm writing this.

News of that will generate interest and demand will come off the back of that.

100K Bitcoin is a self-fulfilling prophecy at this stage!

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For BTC to get to 100k this year. Is not easy but for BTC to get to 100k,it have to break the current resistant line, after the resistant line,it may continue uptrend or downtrend.but before it continues uptrend,it will form a structure that will push the uptrend to continue. Or it will do fake break out and continue on it downtrend.

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Yes, those are all of the possibilities.

But which scenario do you see being the most likely to play out and why?

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For me.i am seeing fake break out on the resistant line. The trend is going to be correcting but not to buy upto 100k

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Yeah I mean, 100k is the 6 figure big institutions are looking for, but I don't really think we could even get much higher than these, maybe as retail investors will fomo in and will follow the stupid recommendations they see on guru channels as "Bitcoin will go up to 250k, 500k" even 1 million I heard it. So that case could lead the price up to 110k-135k, but who knows? the only think I have assumed is that I will keep attention as all these big money will first move to ethereum and then to altcoins where I have most of my big bags. Greetings friend!

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I know 1 million dollar Bitcoin sounds insane, but so did 100k when we were back at $1000.

For me, it's just another inevitability that we'll see sooner than we probably think.

Buy Bitcoin!

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It will happen, but I very much doubt it will happen in this bullrun, a return of +200% for institutional ones is completely crazy, they are more used to + 20% or + 30%. Moreover, a circumstance like this would crash any other market,think about it , who really has so much money to move the market? There are fewer people than we think who really move the market. These institutions are those who are interested in this not growing so much in a short period to get a great return, retail investors or maniac bitcoiners ones will not stop these even if they are a big mass, those that aim at prices of 300k-500k even a million, they don't even take into account the huge quantity amount of capital that would be needed for that to happen. Do not take me wrong, 1 million per BTC will happen, but it will take time like everything in life, those who believe that we are in a super cycle will lose a lot of money and that will be seen next year.

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