The recent Bitcoin (BTC) resurgence is driving increased interest in the possibility of the crypto hitting a new all-time high, with the $100,000 mark considered the next ideal level. Speculation about when it will reach the coveted $100,000 mark has been a constant topic of discussion in the crypto world.
Based on this speculation, an analysis by crypto analyst TradingShot, posted on TradingView on October 26, shed some light on when this long-anticipated milestone might be reached.
The analysis derived from historical data and the timing of previous rallies suggested that Bitcoin could experience a 310% rally that takes it to the highly anticipated $100,000 mark in one of four potential months in 2024.
“Based on these ranges, we can expect a +310% rally on Bitcoin, which would make a direct hit on the psychological and highly anticipated macro level of $100k, either in January 2024, May 2024, July 2024, or October 2024,” he said.
According to TradingShot, Bitcoin has experienced two such 310% rallies in each of the previous four cycles since 2015. The time it took for these rallies to materialize varied, with the shortest one taking four months (120 days) and the longest lasting 13 months (395 days).
Crucially, the analysis pointed out that the current cycle has not witnessed any such rally. This leads to the intriguing question of when the next 310% rally might happen, propelling Bitcoin to the $100,000 level.
Bitcoin’s main catalyst to $100k
However, the analysts pointed out that for Bitcoin to experience such a rally, it will need a significant catalyst. One significant factor on the horizon is the introduction of a Bitcoin Exchange-Traded Fund (ETF). The anticipation of a Bitcoin ETF has been a topic of discussion for a while, and it has the potential to generate significant market interest and demand.
The analysis concluded by emphasizing that rallies of such magnitude don’t occur randomly and without reason. The timing and scale of the rally will depend on various factors, including media attention, market awareness, and overall demand for Bitcoin.
It’s worth noting that Bitcoin is currently setting its sights on breaking through the $35,000 mark, aiming for a new all-time high after weeks of trading in a consolidated phase. Notably, for most of the year, Bitcoin has been trading within the familiar range of $25,000 to $30,000.
The recent resurgence in Bitcoin’s price has been largely fueled by growing speculation regarding approving a spot Bitcoin ETF. Many industry experts believe that approval is just a matter of months away. As reported by Finbold, this resurgence in Bitcoin’s value has seen its market capitalization surpass that of some traditional financial giants, including Tesla.
Bitcoin price analysis
By press time, Bitcoin was trading at $34,095, experiencing a daily loss of approximately 0.15%. However, on the weekly chart, Bitcoin has surged by over 14%.
In terms of technical analysis, Bitcoin is currently dominated by bullish sentiments. A summary of the one-day indicators obtained from TradingView suggests a ‘buy’ rating for 15 indicators. Moving averages indicate a ‘strong buy’ for 13 indicators, while oscillators are neutral for seven.
For the time being, the focus is on Bitcoin’s potential to overcome the $35,000 resistance level.
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