- Analysts have determined that Bitcoin (BTC) reaching $100,000 within this year is highly improbable.
- Experts have begun to reconsider whether BTC will achieve six-figure levels by the end of 2024.
- Crypto analyst Rekt Capital noted to his 483,800 followers on July 30 that “BTC is still on track to break out in September.”
Analysts doubt Bitcoin’s potential to hit $100,000 this year, forecasting possible delays until 2025.
Bitcoin’s Struggle to Break Out in 2023
Bitcoin has yet to break out from its accumulation range, where buyers are stockpiling in anticipation of future price increases, within 100 days following the April Bitcoin halving. Rekt Capital emphasized this on July 30 during a public update.
Long-term Projections for Bitcoin
Several traders are now suggesting that Bitcoin might not cross the $100,000 mark until 2025. For instance, Daan Crypto Trades, during an interview with Cointelegraph, said, “In the long run, Bitcoin’s chart looks fantastic.” Reflexivity Research founder Will Clemente echoed a similar sentiment on July 30, exclaiming in an X post that “Bitcoin’s quarterly chart looks insane”.
Delayed Expectations for Bitcoin’s Surge
Daan Crypto Trades added that expecting Bitcoin to hit $100,000 this year could be premature, but he is quite confident that the cryptocurrency will achieve this milestone at some point in 2025. He has been monitoring the $70,000 to $74,000 range, which he identified as an intense selling zone in recent months.
Current Market Range Observations
Quantum Economics founder, Mati Greenspan, commented to Cointelegraph that Bitcoin’s chart has been showing a clear range between $55,000 and $73,000 since March, indicating a prolonged period of market stabilization.
Conclusion
In summary, while initial projections had hoped for a rapid ascent to $100,000 by the end of 2023, the current sentiment among analysts suggests that Bitcoin may not achieve this until 2025. The market’s current stability and accumulation phase imply that investors might need to be patient as they navigate the volatile landscape of cryptocurrency investment.
