The recent Bitcoin (BTC) the resurgence sparks increased interest in the possibility of crypto reaching a new all-time high, with the $100,000 mark considered the next ideal level. Speculation about when it will hit the coveted $100,000 mark has been a constant topic of discussion in the crypto world.
Based on this speculation, an analysis by a crypto analyst Trading shot, job on Trading View on October 26, shed light on when this long-awaited milestone could be reached.
Analysis derived from historical data and the timing of previous rallies suggests that Bitcoin could experience a 310% rally that would take it to the much-anticipated $100,000 mark in any of the four potential months in 2024.
“Based on these ranges, we can expect a +310% rally in Bitcoin, which would have a direct impact on the highly anticipated psychological and macro level of $100,000, i.e. January 2024, May 2024, July 2024 or October 2024.” he said.
According to Trading ShotBitcoin has seen two such 310% rallies in each of the previous four cycles since 2015. The time it took for these rallies to materialize varied, with the shortest taking four months (120 days) and the longest for 13 months (395 days). ).
Importantly, the analysis highlighted that the current cycle has not seen such a recovery. This brings us to the intriguing question of when the next 310% rally could take place, propelling Bitcoin to the $100,000 level.
The main catalyst for Bitcoin to $100,000
However, analysts have pointed out that for Bitcoin to see such a rally, it will need a significant catalyst. An important factor on the horizon is the introduction of a Bitcoin Exchange-Traded Fund (ETFs). Anticipation of a Bitcoin ETF has been a topic of discussion for some time and it has the potential to generate significant interest and demand in the market.
The analysis concludes by emphasizing that gatherings of this magnitude do not occur randomly and without reason. The timing and magnitude of the rally will depend on various factors, including media attention, market awareness, and overall demand for Bitcoin.
It is worth noting that Bitcoin is currently aiming to cross the $35,000 mark, aiming for a new all-time high after weeks of trading in a consolidated phase. Notably, for most of the year, Bitcoin traded in the familiar $25,000 to $30,000 range.
The recent resurgence in Bitcoin price has been largely fueled by growing speculation regarding the approval of a spot Bitcoin ETF. Many industry experts believe this approval is only a matter of months. As reported According to Finbold, this resurgence in Bitcoin’s value has seen its market capitalization surpass that of some traditional financial giants, including Tesla.
Bitcoin Price Analysis
At press time, Bitcoin was trading at $34,095, a daily loss of around 0.15%. However, on the weekly chart, Bitcoin surged by over 14%.
In terms of technical analysis, Bitcoin is currently dominated by bullish sentiments. A summary of one-day indicators obtained from TradingView suggests a “buy” rating for 15 indicators. The moving averages indicate “strong buy” for 13 indicators, while the oscillators are neutral for seven.
For now, the focus is on Bitcoin’s potential to surpass the $35,000 mark. resistance level.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.