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Analyst Predicts Bitcoin Could Surge 150% to $170K After $100K Milestone
Analyst Predicts Bitcoin Could Surge 150% to $170K After $100K Milestone
November 25, 2024
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Bitcoin is rapidly approaching a key milestone of $100,000, and analysts are now predicting a potential surge of up to 150%, pushing its value to $170,000.
Bitcoin continues to dominate market attention as it inches closer to a groundbreaking $100,000 valuation. On Friday, the cryptocurrency nearly touched $99,800 before retreating slightly over the weekend. As of the latest updates, Bitcoin’s price stands at $98,337.84, representing a modest 0.14% gain over the past 24 hours. Over the past week, the asset has climbed by 7.19%, reflecting robust upward momentum in the market.
Analyst Roadmap Suggests Potential $170K
Amid this movement, market analysts are closely watching Bitcoin’s trajectory. A notable roadmap outlined by Egrag Crypto on X suggests a possible surge toward $170,000, albeit not without potential retracement.
The outlined scenario projects that Bitcoin could first surpass $100,000, reaching $102,000 to $104,000 before a significant pullback. This correction might align with the CME gap observed between $78,000 and $80,000, a commonly tracked price level on the Chicago Mercantile Exchange’s Bitcoin futures chart.
Further analysis indicates that dropping below $73,000 on higher timeframes might trigger cascading sell-offs. This could lead to a retest of prior breakout levels before a sharp recovery. The roadmap draws parallels with Bitcoin’s price movements during the 2017-2018 cycle, suggesting the possibility of history repeating itself.
Meanwhile, according to Moustache, an analyst on X, Bitcoin’s monthly Relative Strength Index (RSI) has recently surpassed the 70 level. The analyst pointed out that historically, this threshold has often been followed by significant price increases and the final peak of a market cycle.
This indicator has created anticipation about potential market movements in the coming weeks and months.
Strengthening Bullish Behavior
Data from CryptoQuant highlights bullish patterns in Bitcoin’s on-chain metrics, suggesting the ongoing rally may still be in its early stages. The platform’s Bull-Bear Market Cycle Indicator has shifted into a bullish zone, mirroring conditions observed in early 2020. This trend preceded a significant price surge for Bitcoin, providing context for the current market behavior.
Recent whale accumulation has further bolstered market confidence. CryptoQuant CEO Ki Young Ju emphasized that these large-scale purchases are driving the rally. Once dismissed as exaggerated, the data now aligns with the sustained uptick in market activity, suggesting renewed investor confidence.
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