Bitcoin All-Time High Ahead: Historical Pattern Signals 50% Chance Of Reaching $100K By August
February 16 2024 - 12:00AM
NEWSBTC
Bitcoin (BTC), the world’s largest cryptocurrency, has surged to a
26-month high, reaching $52,000 and reigniting predictions of
surpassing its previous all-time high (ATH) of $69,000. The
market has experienced a resurgence of bullish sentiments, fueled
further by the recent adoption of Bitcoin spot exchange-traded
funds (ETFs). These have spurred notable growth within just one
month of approval by the US Securities and Exchange Commission
(SEC). Bitcoin Poised For A Major Breakout? Investment
manager and market expert Timothy Peterson, who recently made a
bold claim on social media platform X (formerly Twitter),
reinforces Bitcoin’s renewed optimism. Peterson stated that
Bitcoin had achieved an almost exact 100% gain in 180 days, a feat
that has occurred 41 times since 2015. In 78% of these instances,
Bitcoin reached even higher price levels. Furthermore,
Peterson’s analysis of historical data suggests that the average
return for the next 180 days after such a gain was also
approximately 100%.Based on this historical pattern, Peterson
asserts that there is a 50% chance Bitcoin will reach the
significant milestone of $100,000 by August. Related Reading:
$400 XRP Price Point: Analyst Breaks Down The Future Surge Date
However, despite this possibility, as the halving event approaches,
there could be another correction that, while not putting the bull
run in jeopardy, could trigger significant liquidation rates as the
hype surrounding the current uptrend mounts. Pre-Halving Correction
Looms The upcoming halving event scheduled for April, combined with
historical patterns, suggests that Bitcoin may experience one final
correction before the bull run resumes, presenting a crucial moment
for investors. Crypto analyst Rekt Capital emphasizes the
significance of a pre-halving retrace, noting that historically, it
tends to occur only a few weeks before the actual halving
event. Looking back at previous halvings, such retracements
have ranged from -38% in 2016 to -20% in 2020. Based on these
patterns, a retracement of around 27% is possible in the current
market scenario. If a retracement of this magnitude were to occur,
it would place the Bitcoin price at approximately $37,900, as
indicated in Rekt Capital’s pre-halving retrace chart. This level
represents an important threshold for investors to accumulate the
cryptocurrency before the next phase of the halving event and the
anticipated bull run rally. Key Resistance For BTC’s Trajectory
Bitcoin’s continued rise has brought its price to a critical
juncture, with the current trading level of $52,100 catching the
attention of the founders of blockchain data and intelligence
platform Glassnode. According to their analysis, historical data
reveals that the $52,000 level has acted as a formidable resistance
point on the weekly chart, making it a crucial threshold for
Bitcoin’s trajectory. The platform’s founders suggest that a
successful breach of this level could trigger a surge of buying
pressure, potentially leading to a Fear of Missing Out (FOMO)
scenario among investors. Related Reading: Stacks (STX) Stuns:
Price Soars Over 60% In Epic Recovery As TVL Explodes Overall, the
future direction of BTC price remains uncertain, leaving investors
to ponder whether the current uptrend will be sustained or if a
potential pre-halving retrace will occur before resuming its upward
trajectory to surpass its previous all-time high and reach the
coveted $100,000 level. Featured image from Shutterstock, chart
from TradingView.com
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