Even if Bitcoin isn't in a speculative bubble, there will likely be some profit-taking now that Bitcoin has hit the $100,000 mark. Investors are going to lock in their gains, and that's going to induce a fair amount of selling pressure. So Bitcoin might struggle to move significantly higher over the coming months.

Bitcoin has set a new all-time high of $104,000 on Coinbase, setting the cryptocurrency loose into price discovery — so where is it heading next?

The world’s largest token could be range-bound for a while, because long-term holders are taking the opportunity to sell.