Bitcoin has surged 4.9% over the past 24 hours, currently valued at $95,102, according to data from CoinGecko. Analysts attribute the latest rally to increased spot buying and believe that a continued stay above the $95,000 level could propel BTC to $100,000 for the first time since mid-November.
In an X post on Tuesday, market researcher Will Clemente noted that buying activity in the spot market has been escalating since the start of the month, indicating an improving sentiment in the crypto market.
Short Traders Liquidated for $269 Million
As Bitcoin rose toward $95k, short traders were forced out of the market, losing a combined $269 million due to liquidation, per data from CoinGlass.
Meanwhile, Clemente says that surging spot buying is bullish for Bitcoin, as it indicates that investors are purchasing the coin itself, and not paper contracts such as options or futures, which may inflate the BTC price without actual demand.
Why Bitcoin May Head Toward $100k Soon
Another market analyst, Michael van de Poppe, has urged his X followers to buy the dip, claiming that Bitcoin is likely to reach $100,000 before the end of the month. He argues that outflows from ETFs have slowed, resulting in a cooling selling pressure, which may limit any downtrend. Additionally, the market expert says a jump above $100k could renew interest among retail investors, allowing Bitcoin to rise further.
While Michael remains optimistic about a rally to $100,000 this month, traders on the leading prediction market Polymarket appear cautious. According to data on the platform, Bitcoin only has a 47% chance of hitting the analyst’s price target for January.
It’s worth mentioning that January has historically offered modest returns for Bitcoin investors, averaging about a 4.1% gain in the last 11 years. February, on the other hand, has been marked by stronger BTC performance, delivering roughly 13% in average return.
How Are Altcoins Performing Today?
Bitcoin’s rally has been mirrored across the market, with top altcoins posting moderate gains. Ethereum, for example, is up 6% to $3,329 today. BNB and XRP have both surged 3% to $936 and $2.15, respectively. Finally, Solana has rallied 2.3% to $145, while Dogecoin is changing hands for $0.148 after a 6.3% increase.
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