An analysis said bitcoin does not necessarily need a new narrative to climb back above the psychological resistance level of $100,000.

On May 2 (local time), Cointelegraph reported that MN Trading Capital founder Michaël van de Poppe (마이클 반 데 포페) sees narratives forming after prices rise.

Van de Poppe said in a post on X that there is no need for a separate narrative to lift prices. He said the market is looking first for clear material to push bitcoin to $100,000, but in reality a narrative can be created after prices rise.

He pointed out that in recent months the tech industry’s focus has shifted from bitcoin to other areas such as artificial intelligence. Nvidia shares, the largest AI stock by market capitalisation, are up 5.08 percent so far this year, while bitcoin is down about 10 percent over the same period.

Bitcoin last traded at $100,000 on Nov. 13. It then slid to $60,000, its yearly low in February, before recovering to $78,250 as of the time of writing. Its gain over the past 30 days is 14.49 percent.

Some in the market still see a need for clear upside catalysts. The U.S. Federal Reserve’s rate decisions, changes in U.S. regulation and inflows into spot bitcoin exchange-traded funds were cited as key variables. The U.S. Clarity Act, which would provide greater clarity on industry regulation, was also mentioned as a candidate catalyst.

Peter Brandt (피터 브랜트) said in December last year that while the Clarity Act is positive for the industry, it is unlikely to become a key catalyst that would sharply lift bitcoin’s price. Coinbase Chief Legal Officer Faryar Shirzad (파르야르 시르자드) said on May 2, after new stablecoin revenue provisions were disclosed, that it was time to finalise the Clarity Act. White House crypto adviser Patrick Witt (패트릭 위트) said at this week’s Las Vegas Bitcoin conference that a major announcement related to U.S. President Donald Trump’s bitcoin reserve would come within a few weeks.