The expert of the information-analytical portal Thinking Crypto stated that Bitcoin may stop falling below $100,000 due to the growing reserve of stablecoins and the decrease in the supply of cryptocurrency on exchanges.
Tony Edward explained that traders who profited during the recent spike in the price of the first cryptocurrency are now waiting for the right moment to re-enter the market:
"Market analysis shows that the 'dry powder,' represented by the growing reserves of stablecoins, may become the main catalyst for the rise in Bitcoin prices."
According to the analyst, the bull cycle is far from over, and investors do not expect the price of Bitcoin to fall below $90,000 in the short term. If digital gold can hold its position at the key support level of $99,000, it will serve as the beginning of a rapid rally for the coin, followed by altcoins, the expert said.
Earlier, macroeconomist Alex Krüger stated that Bitcoin is currently experiencing a "supercycle," which is significantly different from previous multi-year cycles in the cryptocurrency market.
