The prospect that Bitcoin (BTC) might reach a new all-time high is gaining more attention in light of its recent rebound; the $100,000 mark is thought to be the next desirable target. In the cryptocurrency community, speculation on when it will hit the coveted $100,000 threshold has been a regular subject of conversation.
An research by cryptocurrency expert TradingShot, published on TradingView on October 26, provided some insight into the potential date of this much awaited milestone’s achievement based on these conjectures.
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The Countdown to $100,000: When Bitcoin’s Moment Arrives,The Countdown to $100,000: When Bitcoin’s Moment Arrives
According to a research based on historical data and the timing of prior rallies, Bitcoin may rise 310% in one of four possible months in 2024, reaching the much-anticipated $100,000 threshold.
In each of the last four cycles since 2015, Bitcoin has had two such 310% rises, according to TradingShot. These rallies took varying amounts of time to occur; the shortest one took four months (120 days), while the longest took thirteen months (395 days).
Most importantly, the study made clear that there hasn’t been a surge like this in the current cycle. This raises the interesting issue of when Bitcoin may have its second 310% gain, which would take it beyond $100,000.
The primary driver of Bitcoin reaching $100k
But the analysts noted that a big trigger would be required for Bitcoin to see such a surge. An important development that is imminent is the launch of a Bitcoin Exchange-Traded Fund (ETF). There has been much talk about the potential for a Bitcoin ETF to create considerable market demand, as it is anticipated to happen.
The analysis’s conclusion emphasised that large-scale protests don’t just happen. They have a purpose. The extent and timing of the rise will be determined by a number of variables, such as market knowledge, media coverage, and general demand for Bitcoin.
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Analysis of Bitcoin prices
As of the time of publication, the value of Bitcoin was $34,095, with a daily loss of about 0.15%. On the weekly chart, nevertheless, Bitcoin has increased by more than 14%.
When it comes to technical analysis, the prevailing consensus about Bitcoin is positive. According to a summary of the TradingView one-day indicators, 15 indicators have a “buy” rating. For thirteen indications, moving averages suggest a “strong buy,” but oscillators are neutral for seven.
The Countdown to $100,000: When Bitcoin’s Moment Arrives,The Countdown to $100,000: When Bitcoin’s Moment Arrives,The Countdown to $100,000: When Bitcoin’s Moment Arrives, Bitcoin Crypto news, Bitcoin News