Bitcoin To $100,000 By February 2025? Analyst Explains Why
26 Outubro 2024 - 4:00AM
NEWSBTC
The current trajectory of Bitcoin (BTC) prices could push it to the
$100,000 mark within the next 90 days, regardless of the results of
the U.S. presidential election. Bitcoin At $100,000 By February
2025? Crypto analyst Timothy Peterson suggests that BTC’s
current price movement is not substantially different from previous
trends, raising questions about the “diminishing marginal returns”
theory. Related Reading: Bitcoin Soars Towards $68K Amid
Microsoft’s BTC Investment SEC Filing From an investor’s
perspective, Bitcoin’s diminishing marginal returns theory implies
that each halving cycle leads to smaller successive price gains, as
the digital asset’s total market cap matures and its supply shocks
have a reduced impact on driving up demand. This suggests
that while BTC may continue to grow, the extraordinary returns seen
in early cycles could decrease over time. However, Peterson’s
assessment appears to dismiss this theory. To recall, BTC made its
all-time high (ATH) of $73,737 in March 2024. Since then, the
leading cryptocurrency has been consolidating for almost eight
months in a wide price range, reaching as low as $54,000. At the
time of writing, BTC trades at $67,998, about 10% lower than its
ATH. Peterson argues that BTC’s movement just above the red
trendline would put the digital asset at $100,000 within 90 days.
The analyst added that such a move will be “completely within
reason.” He added: A conservative scenario puts bitcoin at $100k
around February. I think this happens regardless of the US
election outcome. Furthermore, the analyst suggested that according
to other data-driven metrics he’s monitoring, BTC is not overpriced
at its current market valuation, and the probability of a drop
below $60,000 is increasingly unlikely. Focus On BTC Year-End Price
Predictions While Peterson envisions BTC nearing $100,000 within
three months, other analysts and industry insiders have varying
expectations. Related Reading: Bitcoin May Peak Around $200,000 In
Next 18 Months: CleanSpark CEO Tells Why For instance, options
market traders expect BTC to break through its previous ATH by
November end, no matter who becomes the next US president.
Similarly, in a recent client memo, Bitwise CIO Matt Hougan
outlined several factors that could force BTC to “melt-up” to
$80,000 in Q4 2024. These factors include the potential
victory of Republican candidate Donald Trump, additional interest
rate cuts by the U.S. Federal Reserve (Fed), and an extended period
free of major negative developments in the crypto sector. Besides
the aforementioned factors, the optimism toward a year-end BTC
rally is also fueled by rising retail demand for the premier
digital asset. Recent analysis by CryptoQuant highlighted
that Bitcoin transactions worth less than $10,000 are on an
uptrend, indicating renewed retail demand as the market gradually
pivots from risk-off to risk-on mode. BTC trades at $67,998 on the
daily chart at press time, up 1.1% in the past 24 hours. Featured
image from Unsplash, Charts from X and Tradingview.com
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