According to MN Trading Capital founder Michael van de Poppe, Bitcoin may not need a modern story or catalyst to break above the psychological level of $100,000, above which it has not traded in almost five months.
“There doesn’t have to be a narrative that pushes the price up” – van de Poppe he said on Friday in a post on X, after asking the question: “What narrative will take Bitcoin to $100,000?”
“The price will go up and the narrative will create itself,” van de Poppe said, adding:
“Therefore, to be successful, it simply requires the use of mathematics, statistics and logic, and that is why these regions on Bitcoin are still good for accumulation.”
Van de Poppe pointed out that attention has shifted elsewhere in the tech industry, with artificial intelligence and other sectors “taking the spotlight” away from Bitcoin in recent months. At the market close on Friday, the stock price Nvidia (NVDA), the largest AI stock by market capitalization, is up 5.08% since January 1, while Bitcoin (BTC) has lost about 10% over the same period.
Bitcoin hasn’t traded above $100,000 in almost five months
Bitcoin last traded at $100,000 on November 13, just a month after the $19 billion cryptocurrency market liquidated on October 10, which many market participants attributed to the recent five-month downtrend. Bitcoin fell to a yearly low of $60,000 in February and has since risen to $78,250 at press time, According to to CoinMarketCap.
Bitcoin has increased by 14.49% in the last 30 days. Source: CoinMarketCap
Many cryptocurrency market participants still believe that Bitcoin needs a robust narrative to boost its price. Recent attention has focused on the US Federal Reserve’s interest rate decisions, US regulatory changes and the inflow of Bitcoin Exchange Traded Fund (ETF) spot funds as potential catalysts.
Some also point to the potential passage of the US CLARITY Act, which aims to provide clearer rules for the industry, as a possible factor driving Bitcoin’s growth.
Some claim that the CLARITY Act will not boost the price of Bitcoin
Others aren’t so sure. Veteran trader Peter Brandt told Cointelegraph in December that the CLARITY Act would be a positive step for the industry, but it was unlikely to act as a major catalyst for Bitcoin’s price boost.
Related: Bitcoin Recurring Gains Near 77K dollars suggest that the rally is losing momentum
“Is this a world-shaking macro development? No. Certainly needed, but not something that should redefine value,” Brandt said.
Coinbase Chief Legal Officer Faryar Shirzad said on Friday that “It’s time” for the CLARITY Act to be finalized following the introduction of modern stablecoin profitability regulations were released on Friday.
Meanwhile, White House cryptocurrency adviser Patrick Witt told the Bitcoin conference in Las Vegas this week that a “big announcement” about US President Donald Trump’s Bitcoin reserves would come within weeks.
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