Bitcoin’s Record-Breaking Price and the Path to $100,000

Analysts Predict Bitcoin to Reach $150,000 by 2025, Fueled by Halving and Demand for Bitcoin ETFs.

Bitcoin recently experienced its most successful day ever. Could the price of $100,000 for BTC be predetermined?

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Bitcoin, the world’s first and most popular cryptocurrency, is making headlines once again with its soaring price. On March 4, Bitcoin achieved its highest daily close at $68,245, surpassing its previous record close of $67,525 on November 8, 2021. This remarkable surge has raised questions about whether Bitcoin will reach $100,000 by the end of the year.

Will Bitcoin Surpass $100,000?

To answer this burning question, let’s explore the opinions of industry analysts. While some experts are anticipating a local top at the all-time high resistance of $69,000, others believe that the price could skyrocket even higher. According to a research report shared by Bitfinex analysts, the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States could be a game-changer. They predict a conservative price objective of $100,000-$120,000 to be achieved by the fourth quarter of 2024, with the cycle peak expected sometime in 2025 in terms of total crypto market capitalization.

The Impact of Halving Events

Bitcoin’s price typically consolidates after the quadrennial halving events. However, its best performance often comes in the following year. Vetle Lunde, a senior analyst at K33 Research, suggests that based on past performance and the diminishing impact of halving rallies, Bitcoin could see a 130-150% rally in the year following the halving. This could lead to a peak in the range of $125,000-$150,000 in 2025.

MicroStrategy’s Move

The bullish price action of Bitcoin coincided with MicroStrategy’s announcement that it plans to raise $600 million to buy more BTC. MicroStrategy, the largest corporate holder of Bitcoin, intends to issue senior convertible notes as part of its strategy. This move further adds to the positive sentiment surrounding Bitcoin.

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Expert Views and Market Sentiment

Well-known Bitcoin analysts have expressed optimism about the cryptocurrency’s future. PlanB, a pseudonymous quantitative analyst, predicts that the Bitcoin bull market is just getting started and expects 10 more months of “face-melting FOMO” ahead. Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest, believes that the current rally is just the warm-up and that the full-fledged fundamental-driven bull market is yet to begin.

The Fear and Greed Factor

While enthusiasm is high, it’s essential to consider the market sentiment and potential risks. The Crypto Fear and Greed index, a measure of crypto market sentiment, recently reached a three-year high of 90, indicating “extreme greed” and a higher likelihood of a correction. Historically, when the index surpasses 90, a price correction tends to follow. Therefore, caution is advised.

Technical Analysis and Funding Rate

Bitcoin’s technical analysis by pseudonymous analyst Dave the Wave suggests the possibility of a retracement to below $44,000 during 2024. However, the current bullish momentum remains intact until specific resistance levels are broken.

Moreover, the high funding rate of Bitcoin on Binance raises concerns about potential liquidations. The funding rate, which measures the cost of holding a position, has reached a multi-year high of 0.0995% on Binance. Such elevated levels may imply heavy leverage use, which can lead to cascading liquidations if the market reverses abruptly.

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🤔 Frequently Asked Questions

Q: What factors could drive Bitcoin’s price above $100,000?

A: The introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States is expected to create new price-agnostic demand, helping Bitcoin breach its previous all-time high. Additionally, past performance and the diminishing impact of halving rallies suggest that Bitcoin could experience a significant rally in the year following the halving, potentially leading to a peak in the range of $125,000-$150,000 in 2025.

Q: Should I be concerned about a price correction?

A: While the current market sentiment indicates “extreme greed,” which historically precedes a correction, it is important to note that corrections are part of the natural price cycle. Investing in Bitcoin always carries risks, and it’s crucial to make informed decisions and assess your own risk tolerance.

Q: What role does MicroStrategy play in Bitcoin’s price movement?

A: MicroStrategy, one of the largest corporate holders of Bitcoin, has announced plans to raise $600 million to acquire more BTC. Their continued interest in Bitcoin aligns with the positive sentiment surrounding the cryptocurrency and could contribute to its upward price movement.

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As Bitcoin continues to break records, reaching new all-time highs, the road to $100,000 appears more plausible than ever. However, market dynamics and sentiments can change rapidly, so it’s important to stay informed and make investment decisions based on thorough analysis. The future of Bitcoin remains intriguing, and only time will tell if it can continue its upward trajectory.

🔗 Reference Links:

• Bitfinex Research Report
• Quadrennial Halving Events
• MicroStrategy’s Announcement
• PlanB’s Bitcoin Bull Market Prediction
• Crypto Fear and Greed Index
• Dave the Wave’s Technical Analysis

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Image Source: CoinMarketCap

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