Analysis: Bitcoin will not stay around $100,000 for too long, it will seek to rise further

On December 5, Bitcoin broke through $100,000 for the first time. However, analysts say it won't stay at this price for long as breaking psychological price barriers is expected to attract more attention and drive prices further up. Nick Forster, founder of Derive and cryptocurrency analyst said, "I don't think there will be much consolidation around $100,000." After hitting a historic high of $73,679 in March, Bitcoin has been oscillating between $53,000 and $72,000 over the next seven months.

Forster added that Bitcoin remains a memetic asset; these types of psychological thresholds often attract attention and headlines which draw new market participants and change existing ones' perceptions. "This brings more volatility and potential upside." Cryptocurrency trader Matthew Hyland also expressed similar views in his post on December 5th stating that the loading level for Bitcoin's price is at $114,000.