Bitcoin Approaches $100,000 as Analysts Outline Three Potential Scenarios

Bitcoin is approaching the $100,000 mark, currently trading at approximately $96,091, reflecting a 3.6% increase over the past week. This upward trend follows an earlier correction in April.

Key insights include:

CryptoQuant contributor Axel Adler Jr. identifies Bitcoin's on-chain momentum ratio at around 0.8, indicating it may be entering the "start" rally zone.
Three potential scenarios for Bitcoin's price movement:
- Optimistic: Momentum ratio exceeds 1.0, targeting $150,000–$175,000.
- Base case: Ratio stabilizes between 0.8 and 1.0, maintaining a range of $90,000–$110,000.
- Pessimistic: Ratio drops to 0.75, suggesting a correction toward $70,000–$85,000.
Recent accumulation activity from short-term holders mirrors patterns observed before significant rallies in early 2024.
Historical trends indicate that rising activity from short-term holders often precedes major price surges.

If current conditions persist, Bitcoin may breach the $100,000 threshold and enter a new bullish phase.