Bitcoin may not need a new story or catalyst to push back above the psychological $100,000 level, which it has not traded above in nearly five months, according to MN Trading Capital founder Michael van de Poppe.
‘“There doesn’t need to be a narrative that pushes the price upwards,” van de Poppe said in an X post on Friday, after asking, “What narrative will bring Bitcoin to $100K?”
“Price moves upwards, and the narrative will create itself,” van de Poppe said, adding:
“That’s why simply using math, statistics, and logic is required in order to succeed, and that’s why these regions on Bitcoin are still good for accumulation.”
Van de Poppe pointed out that attention has rotated elsewhere in the technology industry, with AI and other sectors “taking the spotlight” away from Bitcoin in recent months. At the time of market close on Friday, the stock price of Nvidia (NVDA), the largest AI stock by market capitalization, is up 5.08% since Jan. 1, while Bitcoin (BTC) is down around 10% over the same period.
Bitcoin hasn’t traded above $100,000 in almost five months
The last time Bitcoin traded at $100,000 was Nov. 13, just a month after the Oct. 10 $19 billion crypto market liquidation event, 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 recovered to $78,250 at the time of publication, according to CoinMarketCap.
Bitcoin is up 14.49% over the past 30 days. Source: CoinMarketCap
Many crypto market participants still believe that Bitcoin needs a strong narrative to drive its price higher. In recent times, attention has centered on US Federal Reserve interest rate decisions, regulatory developments in the US, and spot Bitcoin exchange-traded fund (ETF) inflows 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 driver of Bitcoin’s upside.
Some say the CLARITY Act will not boost Bitcoin’s price
Others are not so sure. Veteran trader Peter Brandt told Cointelegraph in December that the CLARITY Act would be a positive step for the industry, but is unlikely to act as a major catalyst for upward movement in Bitcoin’s price.
Related: Repeated Bitcoin profit taking near $77K suggests rally is losing steam
“Is it a world-shaking macro development? Nope. Needed for sure, 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 after new stablecoin yield provisions were published on Friday.
Meanwhile, White House crypto advisor Patrick Witt said at the Bitcoin Conference in Las Vegas this week that a “big announcement” on US President Donald Trump’s Bitcoin reserve is coming within weeks.
Magazine: AI-driven hacks could kill DeFi — unless projects act now