Bitcoin Had Its Best Day Ever – Is $100K BTC Price Scheduled?
Bitcoin closed at an intraday high of $68,245 on March 4, beating the previous record high of $67,525 on November 8, 2021. The world's first cryptocurrency is up more than 18% on a weekly basis and 55% on a monthly chart.
Does this mean that the price of Bitcoin (BTC) is on track to reach $100,000 by the end of the year? Some analysts are expecting higher price levels, while others are expecting a local high at $69,000.
The ETF could drive the price of BTC above $100,000 by the end of 2024.
According to a research report of Bitfinex analysts shared with Cointelegraph, the new price-agnostic demand introduced by Bitcoin exchange-traded funds (ETFs) in the United States helps the world's largest crypto breach to an all-time high. Especially:
“Our analysis predicts a conservative price objective of $100,000-$120,000 in Q4 2024, and a cyclical peak in 2025 relative to total crypto market capitalization.”
Bitcoin rose 2.85% in 24 hours to trade at $66,799 at 9:25 am UTC. Bitcoin's price was inches away from $69,000 on March 5, but stopped at $150, an all-time high and breached the psychological price level.
Bitcoin price typically strengthens immediately after four annual halving events, with the best performance coming next year, which could help Bitcoin breach above the $100,000 mark, K33 Research senior analyst Vettel Lunde told Cointelegraph.
“Based on data from past performance and discounting the impact of halvings, Bitcoin could see a 130-150% rally in the year after the halving, possibly peaking in the $125,000 to $150,000 range in 2025.”
Bitcoin's move to higher prices comes a day after the largest corporate bitcoin holder, MicroStrategy, announced it will raise $600 million in a plan to buy more BTC. The funds will be issued in the form of highly variable notes, according to a post by executive chairman Michael Saylor on March 4th.
RELATED: US Govt Moves $922 Million in Bitcoin Hold After BTC Price Crashes to $60,000
The most prominent Bitcoin analysts are optimistic about Bitcoin in the near future. On March 1, pseudo-quantitator Planby predicts that a Bitcoin bull market will begin with 10 months of additional “face-melting FOMO” ahead.
Furthermore, Willie Wu, Bitcoin analyst and managing partner at CMCC Crest, said that the current rally is only warm and a “full fundamentals-driven bull market” has not even begun.
“Out of sheer greed?” The coming Bitcoin price correction.
The Crypto Fear and Greed Index, a multi-level measure of crypto market sentiment, rose to a three-year high of 90, indicating “extreme greed” and the possibility of a correction. The last time the index was above 90 was in February 2021, followed by a local high in the spring.
Additionally, 2024 could see bitcoin price below $44,000 again, said Bitcoin analyst Dave The Wave Technical Analysis in a March 5 X post:
Although I am comfortable with an indefinite future, and as we are currently at a critical point of technical resistance and previous ATHs, the default option is to stick with the continued parabolic action until at least the bold dotted line is reached. broken.”
Bitcoin's high funding reinforces the possibility of a correction, indicating high leverage, which could eventually lead to liquidity. Bitcoin's funding rate on the world's largest crypto exchange has reached a record high of 0.0995%, according to data from Coinglass.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
