Bitcoin Breaks the 100,000 USD Level Again, Michael Saylor Optimistic About the 200,000 USD Level

Bitcoin has soared past the $100,000 mark once again, but for the first time since January 2025. Currently, the price is at $100,794 after rising 4.11% from the daily low of $96,150. This is the third time Bitcoin has broken the six-figure mark since it first broke the record on December 5, 2024. The second peak occurred on January 20, before the inauguration of U.S. President Donald Trump. Furthermore, it is noteworthy that the Executive Chairman of Strategy, Michael Saylor, is expecting the price of BTC to rise even more in the long term.

Bitcoin can achieve this when the market dominance rises above 60%. This means that investors are currently focusing more on Bitcoin and less on other altcoins. Previously, during the Bitcoin surge to 100,000 USD in December and January, its dominance was much lower, fluctuating around 52% and 54% respectively. Now, this new dominance level indicates a shift in how the market perceives things, which could pose a potential challenge for altcoins.

Meanwhile, this rise stems from the ongoing mix in politics and economic reasons. This rise is related to a potential trade agreement between the United States and the United Kingdom, which Trump mentioned on May 7 in a post on Truth Social. Alongside political events, there are issues regarding the declining bond yields and the weakening dollar that seem to have contributed to the price rise. Additionally, interest from institutions is still rising with Bitcoin (ETF) seeing $1.8 billion in inflows just in the past week, according to Farside Investor. Now, the price rise is expected to continue. Ben Caselin, the marketing director at VALR, even suggested that Bitcoin could soon surpass the $110,000 level. He believes that, “Retail is just set to enter the later stage of Bitcoin’s four-year cycle, potentially reaching a macro peak in Q4 of this year.” After recent rises, Saylor posted on X, “You can still buy $BTC for under $200,000.” This implies that people should seize the opportunity to buy Bitcoin right now, while the price is still below $200,000, a target Saylor is extremely optimistic about. Looking at the daily chart, the bullish phase began after bouncing off the resistance level that turned into support at $93,645. Currently, the Relative Strength Index (RSI) is at 76, which means that the buyers are in active control.

As Bitcoin maintains its dominance and breaks new records, the future of the cryptocurrency market seems increasingly optimistic. However, experts warn that for this bull run to sustain, it will depend on upcoming key economic data, such as the U.S. budget report and Consumer Price Index data (CPI).