Bitcoin BTC/USD made a historic move above $112,000 on Wednesday, sparking a broader market rally. But is it the beginning of a record-breaking rally or a short-lived spike before corrections?
What happened: The apex cryptocurrency briefly crossed $112,000 in the afternoon before pulling back to the early $111,000s later in the day.
Entrepreneur and cryptocurrency market commentator Anthony Pompliano deemed Bitcoin as the "new hurdle rate," suggesting that it has crossed the benchmark required to be considered a viable investment.
“If you can’t beat it, you have to buy it,” Pompliano said.
Regarding the outlook, widely followed cryptocurrency analyst and trader CryptoBusy said that once the breakout above the $112,000 resistance is confirmed, $120,000 will be "imminent."
On the other hand, Crypto Analyst, another cryptocurrency-focused X account with a significant following, predicted a price correction to $100,000 in the next few days.
They also warned of a potential 20-50% drop in altcoins due to a rise in Bitcoin dominance, possibly to 71%.
"Be extra careful longing and buying now," the analyst added.
Price Action: At the time of writing, Bitcoin was exchanging hands at $111,040.96, up 2.26% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the asset has risen over 17%.
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