Bitcoin Surpasses $100K Amid Controlled Market Growth

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Bitcoin's price has crossed the $100,000 mark, but recent research indicates that the cryptocurrency market is not exhibiting signs of extreme fear of missing out (FOMO). Analysis by CryptoQuant reveals that new investors are not entering the market at the levels seen during previous bull runs in 2013, 2017, and 2021. Typically, market peaks are characterized by over 70% of unspent transaction outputs (UTXOs) held by short-term investors, but currently, this figure is just above 50%.

Glassnode's data supports this finding, showing that the proportion of Bitcoin held by new investors remains significantly lower than in previous peaks. While participation from new traders has increased, it is still not at extreme levels, suggesting potential for further price growth without the imminent risk of a market top.

Bitcoin has remained within a $20,000 trading range for over two months, with traders anticipating a breakout. A daily close above $110,000 could signify the beginning of a stronger upward trend, with projections suggesting a target of around $145,000. However, analysts advise caution, noting that increased involvement from inexperienced investors could be a precursor to market corrections.

Despite crossing this psychological milestone, the current market conditions reflect a more measured approach to growth, rather than the frantic buying seen in previous cycles. Traders are advised to monitor on-chain data closely for signs of a potential peak as sentiment in the market remains generally positive.

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