Bitcoin Breaks 87k; Here’s what this analyst has to say about the BTC price.
Bitcoin has hit a new high above $87,000 and could rise above $100,000 at a faster pace. If this happens, the bull market issue is a rally up to 150 thousand dollars, analysts say
Bitcoin surged to a new all-time high above $87,000, suggesting that overall sentiment may be bullish. Although it may be due to a breather, analysts suggest this could be the start of a major bull run for the benchmark crypto asset.
Bitcoin reaches $87,000. What's next?
BTC rises after breaching $84k amid microstrategy's $2 billion buying of bitcoin. The move up has seen it now trade over $87k. This comes after last week's movement of Donald Trump as President-elect.
According to crypto analyst Kaleo, BTC's next stop could be $90k before a short-term consolidation. However, this could present the next upside.
Now, past performance is not an indicator of future profits, the market knows. However, according to crypto analyst Kaleo, if the price of Bitcoin takes the same trend as in the previous cycle, it may stop around $90k. This should be short-lived, however, before higher momentum returns to push bulls above $100k.
In December 2020, when Bitcoin finally made a clean break from the previous cycle's all-time high, it rallied 22% in a few days before falling back. spent about [a] Week strengthening [there] He said it would only take place in the next few weeks before another 75% increase.
#Bitcoin /$BTC
Finally, in December 2020, when Bitcoin made a clean break from the previous cycle's all-time high, it rallied 22% in the first few days before falling back. It took a week to solidify what they had before they started… pic.twitter.com/UO2IypNLu5
— KALEO (@CryptoKaleo) November 11, 2024
According to the chart shared by the analyst, the bull market forecast has Bitcoin price at $150k with a margin of 75%. Things may not work out that way, especially if the market doesn't move in a straight line. Regardless, the long-term outlook is extremely bullish for Bitcoin.
“The excitement in this bull market is just beginning,” the analyst said.
