Analyst predicts Bitcoin will reach 100000 at this time
Since Bitcoin (BTC) surged to a record high of over $73,000 early in 2024, the prevailing market sentiment now sets $100,000 as the next pivotal target. Providing insight into this trajectory, a comprehensive analysis by TradingShot, a respected figure in crypto trading, maps out Bitcoin’s path towards this milestone using historical patterns.
Published on TradingView on July 3, the analysis underscores the enduring significance of Bitcoin’s long-term time frames and historical cycles. These cycles, although subject to current market dynamics, exhibit recurring patterns that hint at future movements.
According to TradingShot, Bitcoin has maintained consolidation over the past four months, consistently above the critical one-week moving average of 50 (MA50). Such stability post-halving historically precedes a dramatic upward surge, aligning with observed price behaviors in previous cycles.
The analyst highlights Fibonacci trend lines from earlier cycle channels as a key indicator. Notably, previous cycle peaks, such as those in December 2017 and November 2021, closely adhered to these Fibonacci levels. If this trend continues with a progressive Fibonacci sequence (+0.5 Fib), the current cycle’s peak could approach the upper Fibonacci channel, derived from the low of December 2018.
Looking forward, the analysis suggests that Bitcoin’s journey to $100,000 is well within reach. Drawing parallels with the 2016-2017 cycle, TradingShot predicts Bitcoin could hit $100,000 by December 2024 and potentially surge to $300,000 by August 2025, leveraging its historical post-halving bullish momentum. These milestones might even materialize sooner if Bitcoin adopts a more aggressive cycle pattern.
Recent developments underscore the volatility inherent in Bitcoin’s price action. Despite setbacks, including a drop below the $61,000 support after failing to maintain the $65,000 level, market consensus remains optimistic about Bitcoin’s future potential. Standard Chartered, for instance, forecasts a new record high for Bitcoin by August, possibly reaching $100,000 around election day.
As of the latest update, Bitcoin trades at $60,166, reflecting a slight correction from its recent highs. The cryptocurrency faces resistance at $63,000 while finding support around $60,000, pivotal levels that will dictate its near-term trajectory.
It’s crucial to note that all investment carries risk, and the information presented here should not be construed as financial advice. The speculative nature of investing means that capital is always at risk.