Bitcoin Price Analysis: BTC Remains Pinned Below $100,000 As Price Action Remains Muted

Bitcoin (BTC) is marginally down during the ongoing session, having recovered from a low of $95,107. Bulls are struggling to build momentum as sellers look to drive the price below a key support level. If breached, BTC could see a correction that could drag it to $90,000. 

Price action has been impacted by the Bybit hack with buyers losing momentum as volatility dictated market movements on Friday after news of the hack broke. 

Jason Lowery Eyes $1M For BTC By 2030 

Jason Lowery has made a bold prediction about Bitcoin price based on emerging Proof-of-Work theories. Lowery took to social media to state that the market is still in the early stages of understanding the science behind reusable Proof-of-Work networks. Lowery frequently wipes his social media due to his strict privacy, security, and professional situation as a United States Space Force serviceman. Lowery outlined his digital gold theory, suggesting the framework could drive BTC to $1 million by 2030. 

He added that once people recognize deeper constructs like Power Projection Theory and Digital Matter Theory, BTC’s value could surge to $100 million, highlighting that many remain unaware of what's ahead. 

“Digital Gold Theory will get the price of “Bitcoin” to $1M per “coin” by ~2030, but the real fun starts after that when the public begins to understand and accept the deeper theoretical computer science behind PoW that has begun to emerge over the last few years, like “Power Projection Theory” and “Digital Matter Theory.” That will be when we see the price run away to $100M.”

However, he clarified he could not assign a timeline for the $100 million forecast. 

HK Asia Board Approves More Bitcoin Purchases 

HK Asia Holdings Limited has increased its Bitcoin holdings to nearly 9 BTC, only a week after the firm saw its share price double after it purchased its first BTC. In an announcement on February 23, the firm stated that its board had approved increasing its Bitcoin investment, adding that it purchased 7.88 BTC on February 20 for a total cost of $861,500. HK Asia made its first BTC purchase on February 16, which led investors to make a beeline for its stock, boosting its price by almost 93%. 

According to the board’s statement, the increasing popularity of Bitcoin and other cryptocurrencies in the commercial world was part of the reason for its BTC purchase. 

Georgia Introduces Bitcoin Reserve Bill Without Investment Limits 

Georgia has introduced a second Bitcoin reserve bill that allows the state treasury to invest in BTC without any restrictions. The bill, Senate Bill 228, also requires the Georgia State Treasury Department to develop its own policies and procedures to allow accepting, storing, and transaction of Bitcoin. The bill also stipulates the BTC investment by the state treasury will be held in accordance with local policies and requirements. The second bill is considered a partisan competitor to the first Bitcoin reserve bill. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) is marginally down during the current session as it struggles to build momentum. The flagship cryptocurrency fell to an intraday low of $95,107 but has recovered to trade at its current level of $95,900. BTC was quite bullish towards the end of the previous week, as analysts expected an imminent move to $100,000. However, the news of the staggering $1.4 billion Bybit hack changed market sentiment as bearish sentiment and volatility saw BTC shed 2% and fall to a low of $94,833 on Friday. 

Analysts worry BTC’s bull run is threatened by a notable decline in institutional interest through Bitcoin and Ethereum futures contracts. Institutional investors have been key to BTC’s push beyond $100,000. However, it has lost momentum since it crossed this level and dropped into a trading range between $94,000 and $100,000. Analysts from JPMorgan confirmed the slowdown in a recent note highlighting the decline in the Futures market on the Chicago Mercantile Exchange (CME). The analysts also highlighted a growing trend of backwardation when spot prices exceed futures prices. 

“This is a negative development and indicative of demand weakness. Lower demand from systematic and momentum-driven funds, such as CTAs, has also affected bitcoin and ether futures.”

BTC has remained entrenched between $94,000 and $100,000 and is trading at the lower end of this range. If sellers drive the price below $94,000, it could decline to $90,000. However, buyers are expected to defend this level vigorously and prevent a further decline. 

BTC price action was mixed over the previous week, starting with a marginal drop on Monday that took the price below $96,000 to $95,765. Selling pressure intensified on Tuesday as BTC plunged to an intraday low of $93,431. However, it recovered from this level to reclaim $95,000 and settled at $95,634, ultimately registering a marginal decline. Buyers returned to the market on Wednesday as BTC registered an increase of nearly 1% and settled at $96,386. Bullish sentiment intensified on Thursday, and BTC registered an increase of almost 2% to move past the 20-day SMA and settle at $98,251, with analysts expecting an imminent move past $100,000.

Source: TradingView

However, that outlook changed on Friday after the Bybit hack sent shockwaves through the market. As a result, BTC faced increased volatility, dropping to an intraday low of $94,833 before settling at $96,184, ultimately registering a drop of just over 2%. BTC recovered on Saturday, registering a marginal increase to $96,478. Sellers returned to the market on Sunday as BTC fell to an intraday low of $95,111 before settling at $96,084. The current session sees BTC marginally down and trading just below $96,000. If BTC drops below its support level, it could decline to $90,000. A break below this level could lead to a deeper correction, dragging the price below $80,000. The RSI is below the neutral zone, while the MACD indicates growing indecisiveness among traders. However, if buyers take control, BTC could cross $100,000 and move to $105,000.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.