BTC oscillates at 70,000 high, the 100,000 target still needs time.

The price of Bitcoin is oscillating near the high of $70,000, sparking market expectations for a target of $100,000. However, a careful analysis of the current situation indicates that achieving the $100,000 target will still take time.

As the leading cryptocurrency, Bitcoin's value is supported by multiple factors. Its fixed supply and decentralized characteristics provide a technical foundation, while global recognition serves as the core support for its value. Compared to other cryptocurrencies like Ethereum, Bitcoin does not excel in ecosystem applications and user numbers, yet it has maintained its leading position for a long time, and the reasons behind this are worth contemplating.

Since the beginning of this year, the price of Bitcoin has repeatedly hit new highs, reaching $73,777 in March. The market generally believes that the bull market of 2023 has arrived and is full of expectations for future trends. Positive factors affecting the price of Bitcoin include: halving, ETF openings, gradual clarity in regulation, and expectations of interest rate cuts by the Federal Reserve. However, whether these factors can support Bitcoin in reaching $100,000 remains to be seen.

The opening of ETFs has brought more institutional funds into Bitcoin, but the inflow and outflow of these funds may also exacerbate market volatility. The gradual clarification of regulations is beneficial for the long-term development of Bitcoin, but the short-term impact is limited. Although expectations of interest rate cuts by the Federal Reserve have boosted market sentiment, their impact on the real economy still requires time.

From a more macro perspective, the price trend of Bitcoin is closely related to the status of the US dollar. Recently, the dominance of the dollar has been challenged, including the increased use of other currencies in international trade and issues surrounding US debt, all of which may affect the trend of Bitcoin.

The November U.S. elections could become an important turning point affecting the price of Bitcoin. Different policy directions might have varying impacts on the cryptocurrency market. However, regardless of who is elected, they will need to face complex international issues such as the situation in the Middle East and the Russia-Ukraine conflict, all of which could impact the position of the dollar and the trend of Bitcoin.

Overall, Bitcoin's price still faces many uncertainties to reach $100,000. Investors need to closely monitor the global economic situation, geopolitical circumstances, and the direction of U.S. policies, and rationally assess the investment value of Bitcoin. In the short term, the high-level fluctuations around $70,000 may continue, and the target of $100,000 will still take time.