Throughout the first several months of the year, volatility has been the name of the game for the crypto market. There have been major developments taking place within the industry itself, while asset prices have been unable to take full advantage. Although Bitcoin is facing that volatility again in the form of a recent dip, that shouldn’t hinder BTC from reaching the $105k mark once again.
The asset has surged back other six-figure mark to start Q2 after a sluggish start to the year. However, the increased uncertainty has many concerned with a recent price pullback. Although the price has fallen slightly, there may be enough protections in place to ensure a rally is on the horizon.
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Bitcoin Surrenders $103k But That May Not be Enough to Stop an Imminent Rally
At the start of the week, Ark Invest CEO Cathie Wood gave a rather optimistic perspective on Bitcoin’s price. Specifically, the notable crypto executive projected that BTC would reach a price of $1.5 million over the next five years. That has reinforced optimism amid a recent fall for the asset.
There is a prevailing belief that the leading crypto will be able to weather the present storm. Yet, concern still abounds considering how detrimental recent volatility has been for the sector. Still, Bitcoin’s recent slide may not be enough to shut the door completely on an incoming BTC rally to $105k.
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According to the asset’s IOMAP (In/Out of the Money Around Price) indicator, Bitcoin has increased support between $99,894 and $102,886, according to a BeInCrypto breakdown. That range has seen investors accumulate $41 billion worth of BTC. Moreover, this is a strong buying zone for the asset that should encourage upward price movements.
Bitcoin had briefly risen above the $107,000 mark over the weekend after it fell to the $102,000 mark. This has shown that the cryptocurrency can quickly recover losses and should create an increased sense of a future rally. Overall, investor accumulation should help to push Bitcoin back to $105,000, which would bring it just 6.5% from its all-time high price.