Analyst says bitcoin's $100,000 level is 'being cemented as the base price' for investors
Quick Take
- Bitcoin holds strong above the $100,000 level amid rising geopolitical risk and cautious Fed signals, with analysts and institutional leaders framing its performance as evidence of its role as a macro hedge and treasury reserve asset.
Despite intensifying geopolitical tensions and lingering macroeconomic uncertainty, bitcoin has held steady above the psychologically critical $100,000 mark for over five weeks, defying broader market stagnation and reinforcing its role as a macro hedge.
Elliot Johnson, CEO of the newly launched Bitcoin Treasury Corporation, pointed to BTC's strength amid the Israel-Iran conflict and a hawkish-but-not-disastrous FOMC update this week.
"Bitcoin has remained incredibly resilient over the past week," Johnson stated in an email, calling the psychologically important $100,000 level now "firmly" established.
The U.S. Federal Reserve held rates steady on Wednesday, but its updated dot plot now projects just one rate cut in 2025 — less dovish than markets had hoped. Analysts expect the wait-and-see stance to prolong sideways action in equities and bonds, as The Block previously reported.
"Its recent strength is a testament not only to its resilience as a safe-haven asset, but also to its growing role as an alternative to the devaluing US dollar and a legitimate long-term treasury asset," he said.
Johnson's Bitcoin Treasury Corporation aims to help institutions allocate bitcoin as a long-term treasury reserve. While the surge in crypto treasury firms has raised fears that their leveraged positions could prompt fresh liquidations in a downturn, some say the associated risks are more contained than those behind previous market crashes.
Michael Saylor's Strategy, the largest corporate holder of bitcoin, bought another $1.05 billion worth of BTC last week, a sign that analysts say shows institutions remain in aggressive accumulation mode.
"Markets are stuck in wait-and-see mode," stated Nic Puckrin, founder of The Coin Bureau, pointing to a holding pattern across oil, gold, the S&P 500, and the dollar. But bitcoin has defied that drift.
"$100k isn’t just support anymore — it’s being cemented in investors’ minds as the base price," Puckrin said.
Puckrin also sees macro tailwinds forming, noting that there are still two rate cuts expected this year, and the Bank of Japan is signaling it will ease back on quantitative tightening in 2026. When liquidity floods in, he said bitcoin will be the biggest beneficiary.
With institutions buying aggressively and liquidity poised to return, analysts say retail investors may want to reconsider taking profits too soon, lest they end up as exit liquidity for whales positioning for the next leg up.
Of note, spot bitcoin ETFs have pulled in $2.4 billion over the past eight trading sessions, led by BlackRock’s IBIT and Fidelity’s FBTC, reinforcing the institutional demand narrative. U.S. markets are closed on Thursday for the Juneteenth federal holiday.
The price of bitcoin traded around $104,200 at publication time, according to The Block's BTC price data. Over the last 24 hours, the world's largest cryptocurrency saw $23.4 billion in trading volume.
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