Bitcoin (BTC) Could Reach $100K: Analyst Predicts Potential Correction Before Milestone

• Bitcoin’s price movement has reignited option traders’ expectations of a rise.
• The leading cryptocurrency Bitcoin started the new week positively after a nice weekend, but experienced a decline again after the news of the SEC sending a Wells Notice to Robinhood and fell back to the levels of $63,000.
• This rise in Bitcoin after the correction in April revived option traders’ expectation of $100,000 in BTC within 2024.

Bitcoin’s recent price movement has sparked renewed optimism among option traders, with some predicting a rise to $100,000 by 2024. However, recent regulatory actions have caused a slight dip in value.

Bitcoin’s Recovery Sparks Renewed Optimism

Following a positive start to the new week, Bitcoin’s price fell back to $63,000 after the SEC issued a Wells Notice to Robinhood. Despite this, the cryptocurrency’s recent recovery has reignited the bullish expectations of option traders, with some predicting a rise to $100,000 by 2024.

Analysts Predict a Rise to $92,000

John Glover, the chief investment officer at Ledn, told Coindesk that he believes Bitcoin could rise to $92,000. Glover, who applies the Elliot wave theory in his analysis, also suggested that Bitcoin could fall to between $52,000 and $55,000 before this rise. He stated, “BTC price movement continues to follow the path I expect for the 4th Wave. Although a drop to $56,500 may have completed the correction, I still expect to see a price of $52,000 – $55,000 before the 4th Wave is completed. After the 4th wave is completed, I expect Bitcoin to rise towards $92,000 in the 5th Wave.”

Conclusion

Despite recent regulatory actions causing a slight dip in Bitcoin’s value, the cryptocurrency’s recent recovery has sparked renewed optimism among traders and analysts. With predictions of a rise to $100,000 by 2024 and even a rise to $92,000 in the shorter term, it seems that the bullish sentiment surrounding Bitcoin remains strong.