How could breaking 100k look like:
Even Jessie Livermore talked about how he liked to play breakouts of key psychological levels (f.e $100 on stocks). He wrote in his book that after breaking $100, price never stops at $101. Investors and media getting hyped about it and we see a push up to at least $110-130.
$100,000 for Bitcoin is a key psychological price point. I remember in 2017 it was in all the newspaper headlines as Bitcoin's next target when it was breaking $10-20k levels. But we had to wait 7 years for it to happen.
And since playing psychological level breakouts was written about in books 95 years ago, we'll probably see a lot of profit-taking from short term traders.
Back to 2017 - let's look at how the $10,000 breakout looked like. Here's the hourly chart from that moment:
The price was slowly approaching 9.9k (same thing now). It stayed at 9.9k for a day (same thing now), and when it started to move, it moved hard hitting 11.2k in just 12 hours (+12%). Then there was a strong 24% dump down to 8.5k (profit-taking by those who played the breakout), and in just 3 days we hit a new ATH.
I think we might see something similar now.
In 2017, we were at 17k just 4 days later but I don't expect +70% in just a week in 2024 at marketcap higher than silver.