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Bitcoin has broken the $90,000 level today amid U.S. inflation data, with analysts citing the potential for $100K as the next target.
The latest U.S. Consumer Price Index (CPI) report reveals a spike in inflation, adding volatility to Bitcoin’s price trajectory. This critical data release has had market participants on edge, as it was expected to disrupt the cryptocurrency’s recent two-day stability.
For instance, in a post earlier today, Michaël van de Poppe, Chief Investment Officer at MNConsultancy, noted that Bitcoin hovered around $87,000, while altcoins were under intensified selling pressure amid anticipation of the inflation report.
Van de Poppe identified $80,000 as an ideal entry point should a bearish turn occur, with a major price target of $100,000 in the event of continued bullish momentum. Notably, the anticipated bearish scenario did not materialize. Instead, Bitcoin has rebounded higher, reaching a peak of $91,100 at press time.
Volatility is likely going through the roof as it's CPI day.#Bitcoin is still at $87K and #Altcoins are getting hammered.
Ideal spot for entries on Bitcoin? Around $80K.
What's next after that? $100K. pic.twitter.com/uoUQqcbeyG
— Michaël van de Poppe (@CryptoMichNL) November 13, 2024
Long-Term Holders Maintain Confidence
Amid Bitcoin’s price movements and potential targets, long-term holders have shown resilience. Data from Glassnode shared by Ali Martinez indicates that despite recent gains, these investors are not exhibiting signs of extreme greed.
Martinez’s Long-Term Holder Net Unrealized Profit/Loss (LTH-NUPL) chart reveals that sentiment among long-term holders remains in the “green greed” zone.
Historically, market peaks occur when sentiment shifts to “blue extreme greed,” suggesting room for further upside still exists.
Bitcoin Could Reach $100 Million
Meanwhile, Samson Mow, CEO of JAN3, has made bold predictions about Bitcoin’s future. He foresees the asset reaching seven figures, driven by macroeconomic pressures, including the U.S.’s soaring public debt, now at $35.95 trillion.
Mow speculated that the U.S. could adopt drastic measures, such as rebasing its dollar to Bitcoin’s smallest unit, the Satoshi. This would significantly boost Bitcoin’s valuation, with Mow projecting an eventual price of $100 million per coin.
Notably, Mow remains optimistic about Bitcoin hitting $100,000 by year-end, attributing the delay to the FTX collapse and Grayscale-related market impacts. He pointed to growing demand for Bitcoin-backed exchange-traded funds as a key factor likely to drive prices higher in the coming weeks.