Bitcoin Nears $100,000 After 100 Days of Consolidation

Coin WorldThursday, May 8, 2025 12:47 am ET
2min read

Bitcoin has been on a steady ascent, approaching the $100,000 mark after nearly 100 days of consolidation. The cryptocurrency has been trading within a narrow range between $93,410 and $97,000 for the past week, indicating a period of stability before a potential breakout. This consolidation phase has been crucial in building momentum, as Bitcoin regained its footing after a brief dip in January. The cryptocurrency surged back above $94,000, recovering from a 2025 low of $75,000, which had raised concerns among investors.

As Bitcoin approaches the $100,000 milestone, market sentiment is bullish, with many anticipating a breakthrough. The upcoming Federal Open Market Committee (FOMC) meeting is expected to play a significant role in Bitcoin's price movement. Traders and analysts are closely monitoring the meeting, as any changes in monetary policy could impact the cryptocurrency market. The next few weeks will be critical in determining whether Bitcoin can push through the $100,000 threshold with conviction or if profit-taking will cool the rally. According to analysts' forecasts, the next few weeks could determine whether Bitcoin can push through $100K with conviction — or whether overheated profit-taking cools the rally once again.

Bitcoin's recent performance has been characterized by daily profits exceeding $1 billion, signaling a late-stage bull market. This surge in profits has been driven by a combination of factors, including increased institutional investment and growing acceptance of cryptocurrencies as a legitimate asset class. However, some analysts warn that Bitcoin is not yet ready to replace traditional safe-haven assets such as gold or bonds. While the cryptocurrency has shown resilience and potential for growth, it still faces challenges in terms of regulatory uncertainty and market volatility.

The path to $100,000 has been marked by periods of consolidation and momentum, with Bitcoin completing its consolidation range while moving in a falling wedge pattern. This technical formation suggests a potential breakout to the upside, which could propel the cryptocurrency towards new all-time highs. However, it is important to note that the timeline for reaching $100,000 remains uncertain, with some analysts predicting that the target could be achieved in 2024.

Bitcoin’s price rally is backed by growing trading volume, a sign of genuine market interest rather than speculative spikes. On the daily timeframe, RSI levels are only beginning to rise, leaving plenty of room for additional upward movement. Previous market cycles have followed a similar pattern: price rallies, brief consolidations, and then stronger breakouts. Bitcoin appears to be entering a critical third phase in its current market cycle. If patterns from past rallies hold, the next major

up could push the price towards $104,000 to $121,000 in the near term.

As always during major rallies, there’s ongoing talk about bearish divergences and bull traps. Some technical indicators hint at a possible pullback, but if Bitcoin decisively moves past the $102,000 mark, those signals would likely lose their relevance, confirming a clean breakout from the current sideways trend.