Bitcoin, the leading cryptocurrency by market capitalization, approached the $105,000 level earlier this Sunday, reaching an intraday high of $104,958 on the Bitstamp exchange.
There have now been a total of 12 days where the price of the leading cryptocurrency has closed above the highly important $100,000 mark.
Despite the fact that Bitcoin is just inches away from reclaiming the $100,000 level, retail investors seemingly remain on the sidelines for now.
Fundstrat's Tom Lee has described this kind of silence as "strange," given that Bitcoin has made significant moves over the past few days.
"Funding rates are also low relative to prior price peaks. When they come, they are going to come very heavily," he said.
It is not clear whether Bitcoin will be able to sustain the current momentum and eventually reach a new record high.
In the meantime, chartist Todd Butterfield believes that Bitcoin is lightly overbought following the recent surge, meaning that the cryptocurrency might experience a slight pullback.
In the meantime, an extremely prescient Reddit post from 2011 predicting Bitcoin's price action recently emerged on social media.
A Reddit user (u/oldie101) made a post on the r/MarkMyWords subreddit predicting that the cryptocurrency would be able to hit $100,000 in 2025.
"Just realized why I was getting notifications. No, I didn’t hodl. Bought and sold as life moved on. Still hodl a bit, but could have been long retired if I trusted myself long ago," the user wrote a Reddit comment four days ago.
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