Michael van de Poppe, founder of MN Trading Capital, believes that Bitcoin does not require a new catalyst or story to move it back over the psychological level $100,000, which has been untouched for nearly five months.
‘”There doesn’t need to be a narrative that pushes the price upwards,” van de Poppe said In an X-post on Friday after asking. “What narrative will bring Bitcoin to $100K?”
“Price moves upwards, and the narrative will create itself,” van de Poppe said, adding:
“That’s why simply using math, statistics, and logic is required in order to succeed, and that’s why these regions on Bitcoin are still good for accumulation.”
Van de Poppe emphasized that AI, and other technology sectors have received more attention. “taking the spotlight” Bitcoins in the last few months. As of Friday’s market closing, the stock price was $1.05 price Nvidia, the biggest AI stock in terms of market capitalization (NVDA), is up 5.08% from Jan. 1 while Bitcoin (BTC), is down about 10% during the same time period.
Bitcoin prices haven’t exceeded $100,000 since almost five months
Bitcoin’s last $100,000 price was on November 13, just one month following the October 10 crypto market liquidity event that many participants blamed for the current five-month decline. Bitcoin dropped to an annual low of $60,000 back in February, and it has recovered since then to reach $78,250 as of the date of this publication. according CoinMarketCap.
Bitcoin’s price has risen by 14,49% during the last thirty days. Source: CoinMarketCap
Bitcoin is still a popular crypto currency, and many participants believe it needs to be backed by a powerful narrative in order for its price to rise. Attention has recently been focused on US Federal Reserve rate decisions, US regulatory developments, and Bitcoin ETF inflows.
Bitcoin could also be driven higher by the US CLARITY Act. This act aims at providing clearer regulations for the sector.
Bitcoin price will not increase because of the CLARITY Act, according to some.
Other people aren’t so certain. Peter Brandt, a veteran trader who has been in the business for over 30 years, told Cointelegraph that while the CLARITY act would benefit the industry in general it is not likely to be the catalyst needed for Bitcoin prices to rise.
Related: Repeated Bitcoin profit taking near $77K suggests rally is losing steam
“Is it a world-shaking macro development? Nope. Needed for sure, but not something that should redefine value,” Brandt stated.
Faryar Shirzad is the Chief Legal Officer at Coinbase. “It’s time” The CLARITY Act will be finalized following the introduction of new stablecoin production provisions were published on Friday.
Patrick Witt, White House’s crypto advisor, said this week at the Bitcoin Conference held in Las Vegas that there is no need to worry about a fallout from the recent Bitcoin crisis. “big announcement” The report on US president Donald Trump’s Bitcoin reserves is expected within the next couple of weeks.
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Source: cointelegraph.com
