As Bitcoin’s recent resurgence stirs speculation about its potential to reach the coveted $100,000 mark, crypto analyst TradingShot has offered valuable insights based on historical data and previous rally timings.
The analysis suggests that Bitcoin could embark on a significant 310% rally, potentially propelling it to $100,000, in one of four potential months in 2024. These months include January, May, July, or October 2024.
It’s noteworthy that Bitcoin has previously undergone two such 310% rallies in each of the last four cycles since 2015. The duration of these rallies varied, ranging from four months (120 days) to thirteen months (395 days).
Crucially, the ongoing cycle has yet to witness a rally of this magnitude. This raises the intriguing question of when the next 310% surge might occur, potentially driving Bitcoin to the coveted $100,000 level.
However, for such a rally to materialize, Bitcoin would require a substantial catalyst. The imminent introduction of a Bitcoin Exchange-Traded Fund (ETF) looms as a significant factor that could generate substantial market interest and demand.
The analysis underscores that rallies of this scale are not arbitrary but driven by specific catalysts. The timing and magnitude of such a rally will hinge on various factors, including media attention, market awareness, and the overall demand for Bitcoin.
As of the latest data, Bitcoin is currently aiming to surpass the $35,000 mark, potentially charting a new all-time high following weeks of consolidation. Notably, for most of the year, Bitcoin has maintained a range of $25,000 to $30,000.
The recent resurgence in Bitcoin’s price has been primarily fueled by mounting speculation surrounding the approval of a spot Bitcoin ETF. Many industry experts anticipate approval within the coming months. This resurgence has led to Bitcoin’s market capitalization surpassing that of some traditional financial giants, including Tesla.
At present, Bitcoin is trading at $34,095, with a daily loss of approximately 0.15%. However, the weekly chart indicates a surge of over 14%. Technical analysis leans towards bullish sentiments, with various indicators favoring a ‘buy’ rating.
The crypto community watches closely as Bitcoin approaches the critical $35,000 resistance level, anticipating potential developments in the days ahead.
