Bitcoin About to Explode? $100,000 Weekend Speculation Leaves Investors Bedraggled

by

Picture if you will the stately progress of Bitcoin—hereafter referred to as old BTC—making a bid for glory as it claws its way toward the hitherto mythical $100,000 summit, much to the goggle-eyed astonishment of investors who have started to sound suspiciously like punters at the Grand National. 💰🐴

Lads, is Bitcoin Actually Going to 100K, or Is It Just Trolling Us?

Not a fortnight past, BTC was languishing about in the sub-$80k doldrums—down, but far from out. Now, with the casual panache of a cat burglar attending a light supper, it’s hopped back over $90k, elbowing $93,500 aside on its way back to the party.

For the past few weeks, it’s done little but amble sideways, possibly to lull observers into a trance, or perhaps because it fancied an extended game of “How Narrow a Range Can I Possibly Trade In?” (The answer: $93k-$96k, apparently.) Suddenly, with the start of the month, it was back on the hop, breaking free like Jeeves from an especially tedious village fête.

Some seer calling himself Daan Crypto Trades points out that, after a mid-April flounce between $83k and $87.5k (a period known in the business as “tight chop”, or, in layman’s terms, “dartboard investing”), BTC lurched anew into higher echelons. The chap now discerns a ‘similar setup,’ with Bitcoin bouncing around the $97,700 mark like Bertie Wooster at a jitterbug contest.

As of the last several hours, Bitcoin’s done little but huddle possessively between $97,050 and $97,700, presumably contemplating its next dramatic entrance. Should it carry on aping itself, we could see an 8% dash by weekend’s end, smashing toward that fabled $100,000, though whether this is bullishness or mere attention-seeking remains to be seen.

The Ghost of Q4 2024: Bitcoin’s Uncanny Reenactment Tour

Another sage, calling himself “Rekt Capital” (one shudders to imagine his childhood), suggests Bitcoin is reenacting its Q4 2024 Broadway run. Much like an aging thespian reliving his best role, BTC has staggered past previous woes, only to find a new resistance at what the analyst calls a “lower high.”

Last time, having faced rejection like a lovestruck minor character in a Wodehouse novel, BTC took the hit, retreated to the lower level, then zoomed up to new glory. Naturally, our analyst now expects the old boy to try the same play again—get dramatically swatted at $99k, hold firm at $93,500, make a dash in the $97,000-$99,000 range, possibly receive an icy glare at $104,500, and ideally end the whole thing with a triumphant breach to new all-time highs. You get the idea. 📈🎩

If, by some miracle, Bitcoin can hang on to $93,500 like a club bore clinging to his drink after closing time, further marvels may ensue. Naturally, it will first need to march up and roughhouse with something called the “black Lower High resistance,” which for some reason evokes both rugby and the stock market at once.

At this very moment, Bitcoin trades at $97,461, up a sprightly 3% for the week—enough to have some cheering and others nervously clutching their wallet, peering under the bed for the boogeyman of volatility. So, will BTC break out, or simply break down in tears? The jury’s still out, scones are being buttered, and all the while, investors watch with that peculiar blend of hope and existential dread known only to those who have ever attended a family reunion or attempted to short the market.

Read More

2025-05-03 12:06