- The surge in Bitcoin is triggering increased interest in the possibility of the cryptocurrency reaching a new all-time high, often pegged at $100,000.
- An analysis suggests that Bitcoin could experience a 310% rally in one of four potential months in 2024 to reach the anticipated level of $100,000 based on historical data.
- The expectation of future approval of a Bitcoin ETF has been a long-standing topic of debate, with the potential to ignite significant market interest and demand.
The recent price increase in Bitcoin is fueling discussions about the cryptocurrency’s future trajectory: when can Bitcoin reach $100,000?
When Can Bitcoin Reach $100,000?
The recent resurgence in Bitcoin (BTC) has triggered increased interest in the cryptocurrency potentially reaching a new all-time high, often pegged at $100,000. The speculation about when this coveted $100,000 level will be achieved has been a recurring topic of debate in the crypto world.
Based on this speculation, an analysis shared by the crypto analyst TradingShot offered some clues about when this long-awaited milestone might occur. The analysis, which relies on historical data and the timing of previous rallies, suggested that Bitcoin could experience a 310% rally in one of four potential months in 2024 to reach the anticipated $100,000 level.
The analyst stated, “Based on these intervals, we might expect a 310% rally in Bitcoin which would directly impact the psychological and long-awaited macro level of $100k; either in January 2024, May 2024, July 2024, or October 2024.”
According to TradingShot, Bitcoin has experienced two such 310% rallies in the past four cycles dating back to 2015. The durations of these rallies have varied, with the shortest lasting four months (120 days) and the longest extending to 13 months (395 days).
The analysis highlighted that the current cycle hasn’t witnessed such a rally yet. This raises an interesting question about when the next 310% rally that will take Bitcoin to $100,000 might occur.
The Key Catalyst to Drive Bitcoin to $100,000
Analysts suggest that for such a rally to occur, Bitcoin would need a significant catalyst. One of the key factors in the future could be the introduction of a Bitcoin-based Exchange Traded Fund (ETF). The anticipation of future approval of a Bitcoin ETF has long been a topic of discussion and holds the potential to trigger significant market interest and demand.
The analysis concluded by emphasizing that such significant rallies don’t happen randomly and without cause. The timing and magnitude of the rally will depend on various factors such as media attention, market awareness, and overall demand for Bitcoin.
At present, Bitcoin is attempting to break through the $35,000 level as it aims to reach a new all-time high after weeks of consolidation. Particularly, for a significant portion of this year, Bitcoin has mostly traded within the range of $25,000 to $30,000.
The recent price surge in Bitcoin has been largely driven by increasing speculation about the approval of a spot Bitcoin ETF. Many industry experts believe the approval is only a few months away. According to COINOTAG, this increase in Bitcoin’s value has surpassed the market capitalization of some traditional finance giants, including Tesla.
