Bitcoin Price Prediction: Analyst Estimates $100,000 Target Date
Bitcoin reached an all-time high of over $73,000 in early 2024, prompting market consensus to set $100,000 as the next significant target. Crypto trading expert TradingShot recently analyzed historical patterns to map out Bitcoin’s trajectory towards $100,000.
The analysis, shared on TradingView on July 3, highlighted the importance of Bitcoin’s long-term time frames and historical cycles, which exhibit recurring patterns influenced by current market conditions. According to the expert, Bitcoin’s price has been consolidating for the past four months, maintaining levels above the one-week moving average of 50 (MA50), a trend observed before previous parabolic rallies.
The analyst noted that Bitcoin’s cycle tops historically align closely with Fibonacci trend lines from prior cycle channels. For instance, the cycle top in December 2017 was just below the bottom of the Fibonacci channel, while the top in November 2021 fell just below the middle Fibonacci channel. If this pattern continues with a +0.5 Fib progression, the current cycle top might align just below the top of the Fibonacci channel from December 2018.
The analysis suggested that the 1.0 Fibonacci level positions just under $300,000. Given Bitcoin’s tendency to rally aggressively post-halving, the top of the current bull cycle is projected to reach at least $300,000. Comparing the 2016-2017 cycle to the current one, TradingShot identified similarities in post-halving rallies, indicating a potential rise to $100,000 by December 2024 and possibly $300,000 by August 2025, with the chance of achieving these milestones sooner if Bitcoin follows a more aggressive cycle model.
Despite a setback after failing to hold the $65,000 level, Bitcoin remains optimistic about future rallies, with some predicting a new record in August. Standard Chartered, a banking giant, foresees Bitcoin hitting $100,000 on election day. As of the latest data, Bitcoin was trading at $60,166, experiencing a 3% correction in the last 24 hours and remaining over 5% lower than the weekly high of above $65,000.
Bitcoin faces strong resistance at $63,000 and support around $60,000, with these levels crucial for predicting future price movements. Breaking above resistance could signal a bullish trend, while dropping below support might indicate further declines. It’s important to note that the content provided is not investment advice, as investing in cryptocurrencies carries inherent risks.
