“Bitcoin’s meteoric rise to the highly anticipated $100k mark seems imminent as global economic uncertainties and increasing institutional interest converge to create the perfect storm for the cryptocurrency’s historic ascent.”
The recent resurgence of Bitcoin has sparked increased interest in the possibility of the cryptocurrency hitting a new all-time high, with the $100,000 mark being the next ideal level. Speculation about when this milestone will be reached has been a constant topic of discussion in the crypto world.
An analysis by crypto analyst TradingShot, posted on TradingView, shed some light on when this long-anticipated milestone might be reached. The analysis, based on historical data and the timing of previous rallies, suggests that Bitcoin could experience a 310% rally that takes it to the highly anticipated $100,000 mark in one of four potential months in 2024.
According to TradingShot, Bitcoin has experienced 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 one taking four months (120 days) and the longest lasting 13 months (395 days).
However, for Bitcoin to experience such a rally, it will need a significant catalyst. One significant factor on the horizon is the introduction of a Bitcoin Exchange-Traded Fund (ETF). The anticipation of a Bitcoin ETF has been a topic of discussion for a while, and it has the potential to generate significant market interest and demand.
The analysis concludes by emphasizing that rallies of such magnitude don’t occur randomly and without reason. The timing and scale of the rally will depend on various factors, including media attention, market awareness, and overall demand for Bitcoin.
Currently, Bitcoin is setting its sights on breaking through the $35,000 mark, aiming for a new all-time high after weeks of trading in a consolidated phase. The recent resurgence in Bitcoin’s price has been largely fueled by growing speculation regarding the approving of a spot Bitcoin ETF. Many industry experts believe that approval is just a matter of months away.
In terms of technical analysis, Bitcoin is currently dominated by bullish sentiments. Moving averages indicate a ‘strong buy’ for 13 indicators, while oscillators are neutral for seven.
For now, the focus is on Bitcoin’s potential to overcome the $35,000 resistance level. It’s important to note that the content of this blog should not be considered investment advice, as investing in cryptocurrencies is speculative and carries risks.