Bitcoin must hold $32K support to prevent bears from taking over: Analyst

TL; DR

Bitcoin increase to 100 thousand dollarsAnalyst Donald predicts that BTC Halving will impact up to $110,000 by 2024, following a 150% growth this year.
Short-term volatility risksDonald warns of short-term risks, stressing the need for Bitcoin to stay above $32,000 to avoid a bearish trend.
Metrics analysis on the chainA recent increase in Bitcoin exchange net flows suggests selling pressure, while a decrease in open interest indicates near-term volatility.

When will Bitcoin (BTC) reach the $100K mark?

Since January 1, the price has increased by approximately 150%, Bitcoin's rally has been more than clear this year. The impressive performance has given many experts and analysts the opportunity to predict that the property has a chance to reach the desired mark of $100,000.

One person who believes such a scenario could be in the cards is DonAlt, the man behind the popular YouTube channel Tech Roundup. He he said. The upcoming BTC Halving (scheduled for April 2024) could act as a catalyst and encourage a price jump of over $100K.

“We'll probably do something like that before we go down again — like $90,000, $100,000. [or] $110,000 by 2026 or 2025 wouldn't surprise me, but I think that's what you're looking at on the Bitcoin front.

On the other hand, the analyst warned of the risks in the short term, stating that the price of BTC may fall in the near future and face rapid inflation.

“The monthly [chart] It is still safe. The only thing you need is this area [$32,000] to hold If this area [$32,000] It won't catch, that's how you flip a bear. Here at $60,000 is a high time limit mark,” he added.

If you want to see other interesting BTC price predictions, check out our exclusive video below:

A closer look at BTC On-Chain Metrics

Donald is not the analyst who predicts that BTC price will go through the roof after next year's halving. However, it is worth looking at the current state of management's digital assets and their potential direction in the short term.

According to data provided by CryptoQuant, Bitcoin exchange has netflow. Charter Some giant green candles in the past week. The shift from self-sustaining methods to exchange can be considered a dormant phenomenon as it increases the pressure of immediate sales.

Additionally, Bitcoin open demand has been falling lately; suggestive The asset may experience less volatility in the near term.