Has Bitcoin reached its peak recently? Is the price of $100K BTC predetermined?

Written by Rock Buivy

Post Date: 9 Mar, 24

Analysts predict that the impending halving and the increased demand from Bitcoin ETFs would cause the price of bitcoin to surpass $150,000 by the end of 2025.

On March 4, the price of bitcoin reached its highest daily close of $68,245, surpassing the previous record closing of $67,525 on November 8, 2021.

The first cryptocurrency in history has increased by over 18% on the weekly chart and by 55% on the monthly one.

Does this imply that a $100,000 price for Bitcoin by year’s end is within reach?

While some analysts predict further higher price levels, others see a local top above $69,000, the price resistance that represents the all-time high.

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ETFs may push the price of bitcoin above $100,000 by the end of 2024

According to a research analysis by Bitfinex researchers the world’s largest cryptocurrency will surpass its previous all-time high thanks to the new price-agnostic demand brought about by US spot Bitcoin exchange-traded funds (ETFs). Especially:

In terms of the entire market capitalization of cryptocurrencies, “our analysis forecasts a conservative price objective of $100,000 – $120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025.”

Over the course of a day, Bitcoin increased 2.85%, trading at $66,799 at 9:25 am UTC. On March 5, the price of bitcoin came just $150 shy of surpassing both its psychological price threshold and all-time high, while it was still inches away from $69,000.

The price of Bitcoin usually stabilises just after the quadrennial halving occurrences, but it performs best the year after, which may help it cross the $100,000 threshold. Senior analyst Vetle Lunde works for K33 Research.

"Based purely on data from past performance and the diminishing impact of halving rallies, Bitcoin could see a 130 – 150% rally in the year following the halving, which would lead to a peak in the range of $125,000 – $150,000 in 2025."

The biggest corporate Bitcoin holder, MicroStrategy, revealed that it will raise $600 million as part of its ambitions to purchase more BTC, which coincided with the bullish price action of the cryptocurrency.

The money will be distributed as senior convertible notes, as stated in a March 4 X post by Michael Saylor, the executive chairman.

The majority of well-known Bitcoin specialists have optimism for the currency in the foreseeable future.

Pseudonymous quantitative analyst PlanB forecasted on March 1 that the Bitcoin bull market was only getting started and that there will be ten more months of “face-melting FOMO” in store.

Furthermore, the present bounce is only a prelude to the “full fundamental-driven bull market,” according to Willy Woo, a managing partner at CMCC Crest and a Bitcoin analyst.

Will “extreme greed” lead to a correction in the price of bitcoin?

A multivariate indicator of emotion in the cryptocurrency market, the Crypto Fear and Greed index, reached a three-year high of 90, indicating “extreme greed” and a greater likelihood of a downturn.

The index last exceeded 90 in February 2021, and it was followed by a local peak in the spring.

Furthermore, anonymous Bitcoin analyst Dave the Wave’s technical research suggests that values of the cryptocurrency may yet retrace to below $44,000 in 2024.

He made this observation in a March 5 X post.

“Although I am at ease with an uncertain future, and where we are at this moment technically and potentially at a turning point with resistance at past ATHs, the default must be to maintain the continuous parabolic move until the bold dotted line is broken at the very least.”

The likelihood of a correction is further increased by the high funding rate of Bitcoin, which suggests the usage of significant leverage and may finally result in cascading liquidations.

According to Coinglass data, the financing rate for bitcoin on Binance, the biggest cryptocurrency exchange in the world, has risen to a multi-year high of 0.0995%.

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