You’re Not Ready for $100k Bitcoin
What $100k Bitcoin Means
At the start of the current crypto bull market, I wrote a piece called Are You Prepared for $100,000 Bitcoin? It was December 2020.
By mid-April 2021, the world’s largest cryptocurrency by market capitalization hit an all-time high north of $64,000.
Now, we’ve seen Bitcoin touch $50,000 for the first time since that initial run-up to all time high between February and April.
It’s time to revisit this topic and reconsider what happens when Bitcoin does, in fact, touch $100,000.
$50,000 is a big, round number that brings with it plenty of psychological roadblocks. Buyers of the July lows near $30,000 are likely trimming profits, causing Bitcoin to stumble at this level.
Some buyers see $50,000 the same way they saw $20,000 or $30,000 or every other round number up until this point — they see $50k and don’t know what to do. The same thing will happen when we witness $100,000, except the consequences for action or inaction will be greater.
