After a week of rallying with several corrections below $90,000, Bitcoin bounced back yesterday above $90,000, taking the asset to a new high of $94,000.
On-chain and social data suggest that this surge may not be over yet, raising the question of whether Bitcoin is capable of reaching the psychological level of $100,000.
The latest price surge pushed BTC close to $94,000 before rising higher to $94,040 (on CoinGecko), which is now an all-time high (ATH). Many experts believe that the main cause of this surge is related to US-based ETFs.
On the one hand, spot Bitcoin ETFs continue to attract huge demand, with net inflows of over $1 billion in the first two business days of the week. On the other hand, the launch of BlackRock iShares Bitcoin Trust (IBIT) yesterday also recorded significant trading volume. Bloomberg ETF expert James Seyffart commented, “These options are almost certainly part of the reason for Bitcoin's new high today.”
Regarding the possibility of BTC continuing to rise, Santiment published a chart showing the level of FOMO (fear of missing out) after the victory of Donald Trump in the 2024 US presidential election, two weeks ago.
In general, high levels of FOMO often lead to price corrections, as happened last week. However, this time the landscape looks healthier.
Before BTC reached its peak and confirmation of weak FOMO levels, the analytics platform noted that long-term indicators for Bitcoin and other markets looked "pretty strong."
