Analyst predicts Bitcoin will reach 100000 at this time
Since the dawn of 2024, Bitcoin (BTC) has soared to unprecedented heights, breaching the $73,000 mark and setting the stage for the anticipated $100,000 milestone. Amidst this fervor, TradingShot, a luminary in crypto trading analysis, has charted a course that draws on historical precedents to forecast Bitcoin’s ascent to $100,000.
The discourse, unveiled on TradingView on the 3rd of July, underscores the pivotal role of Bitcoin’s enduring time frames and cyclical history, which have consistently exhibited patterns that adapt to the prevailing market climate.
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TradingShot posits that for the last four months, Bitcoin has been in a phase of consolidation, steadfastly maintaining its position above the 50-week moving average (MA50). This pattern mirrors the post-halving trajectory seen in past cycles, often a precursor to an exponential surge.
**Bitcoin Price Trajectory Analysis.** Courtesy of TradingView/TradingShot
The prognostication of the price cycle reveals a historical alignment of Bitcoin’s zeniths with the Fibonacci trend lines drawn from previous cycle channels. Notably, the peak of December 2017 grazed just beneath the Fibonacci channel’s lower boundary, while the apex of November 2021 neared the channel’s midpoint.
Should this trend persist, advancing by a factor of +0.5 on the Fibonacci scale, the forthcoming cycle’s pinnacle could graze the upper echelons of the Fibonacci channel, tracing its origins back to the nadir of December 2018.
**Bitcoin’s Route to $100,000:**
The analysis intimates that the 1.0 Fibonacci level hovers just shy of $300,000. With Bitcoin’s proclivity for vigorous rallies post-halving, the zenith of the current bull cycle could well reach or exceed $300,000.
TradingShot draws parallels between the 2016-2017 cycle and the present, juxtaposing the post-halving upswings of yesteryears within the contemporary channel. Adhering to this trajectory, Bitcoin’s value is projected to hit the $100,000 mark by December 2024, with the potential to climb to $300,000 by August 2025. These milestones may arrive sooner should Bitcoin pivot to a more accelerated cycle.
In the wake of Bitcoin’s endeavor to secure the $65,000 threshold, a recent retreat has seen the pioneering cryptocurrency relinquish the $61,000 support level. Despite this transient dip, the consensus remains bullish on Bitcoin’s capacity for a rebound in the ensuing months.
For instance, banking behemoth Standard Chartered forecasts a new zenith for Bitcoin in August, projecting a surge to $100,000 coinciding with election day.
**Current Bitcoin Price Snapshot:**
At the moment of reporting, Bitcoin’s valuation stands at $60,166, reflecting a downturn exceeding 3% in the past day. The cryptocurrency is currently trailing its weekly acme by over 5%, previously surpassing $65,000.
**Bitcoin’s Weekly Price Chart.** Source: Finbold
Presently, Bitcoin exhibits formidable resistance at the $63,000 mark and foundational support near $60,000. Vigilant observation of these thresholds will be instrumental in divining Bitcoin’s forthcoming price dynamics. A breach above the resistance may herald a bullish phase, while a descent below support could portend further depreciation.
**Disclaimer:**
The information presented herein is not to be construed as investment counsel. Investment ventures are inherently speculative, and capital is subject to risk.
