Bitcoin (BTC) continues its march towards the coveted $100,000 after hitting another all-time high above $94,000 on November 19.
Although this record-breaking move did not spark “euphoria,” analysts say it is needed to push BTC’s price higher.
BTC/USD daily chart. source: TradingView
Lack of “encouraging signs” of crowd euphoria for BTC
Bitcoin prices ended a five-day choppy price movement on November 19, rising as much as 4% from a low of $90,407 to hit a new all-time high of $94,002, according to data from Cointelegraph Markets Pro and TradingView.
Despite this new milestone, public interest was lackluster, with market intelligence firm Santiment describing commentary across social media as “lukewarm at best.”
“As Bitcoin makes history nearing $100,000, the cryptocurrency community is showing surprising levels of apathy and distrust,” Santiment wrote in a post to X on November 20.
The on-chain data analytics firm added that the lack of euphoria on social media is an “encouraging signal” for Bitcoin prices as fear of missing out (FOMO) often leads to corrections.
“As long as there is mistrust from retail traders, whales can continue pumping out cryptocurrencies with little resistance.”
Bitcoin ratio of positive to negative comments on social media. source: st tly
This is corroborated by data from Google Trends, which shows that investor interest in Bitcoin has waned over the past week, with the BTC price hovering around $90,000. The chart below shows social media interest in Bitcoin over time.
The recent bounce from its previous all-time high of $93,480 on November 13 saw the highest interest since 2021, but over the past seven days the indicator has fallen from 100 to 48.
The chart below shows that social media interest in Bitcoin has barely budged on November 19th, when the price of BTC is now at an all-time high.
Bitcoin interest over time. Source: Google Trends
CryptoQuant author IT Tech responded to Santiment’s observation by saying, “The lack of euphoria in the market could actually mean continued growth without a major correction,” adding, “This is good news for long-term investors.”
relevant: Bitcoin Dominance Will Fall in 2025: Benjamin Cowen, X Hall of Flame
$100,000 Bitcoin Price “Coming” – Analyst
The prospect of Bitcoin rising to $100,000 has captivated cryptocurrency enthusiasts for years. Bitcoin’s multiple all-time highs since Election Day in the United States have convinced traders and analysts that this could soon become a reality.
“BTC has started going parabolic, just like previous cycles,” popular analyst Mustache said in a recent Bitcoin analysis for
The analyst shared the chart below, which shows a similar setup to what BTC’s price experienced just prior to its parabolic move in 2021.
According to analysts, BTC is just at the beginning of the parabolic phase of this cycle and following the same trajectory, the price could move exponentially to $100,000 and above.
“Ladies and gentlemen, over $100,000 is coming.”
BTC/USD weekly chart. source: mustache
Michaël van de Poppe, founder of MN Capital, shared similar sentiments, saying: “The market could see Bitcoin rising to $100-120,000 in the next one to two months.”
Bitcoin’s potential to reach $100,000 “continues to have the highest concentration of open interest,” trading firm QCP Capital wrote in a note to investors.
Bitcoin’s spot price, which has surpassed $90,000 over the past few days, provides “the foundation needed for BTC to move higher,” he added.
In a follow-up note, QCP Capital expressed confidence that options trading activity for the BlackRock Cash BTC Exchange Traded Fund (IBIT) following its strong market debut on November 19 highlights “growing institutional confidence in Bitcoin as a mainstream asset class.” I did it.
“This market response will help solidify Bitcoin’s position in the mainstream market by attracting a new set of investors and enabling a variety of trading strategies, reducing both volatility and downside risk.”
Meanwhile, Bitcoin analyst Bitcoin Munger shared a Glassnode chart showing intensive accumulation across all groups, adding that BTC is likely to hit “well over” $100,000.
source: bitcoin munger
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.