Analyst: After Bitcoin Hits $50,000, Expect Another 100% to 200% Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	11,196,336,592	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

11,196,336,592

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000019	0.000019	0.000019

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000019

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00002	0.000018	0.00002	0.000019	0.00000662 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.00002

0.000018

0.00002

0.000019

0.00000662 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:17:52	15,915.00	0.000019	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:17:52

15,915.00

0.000019

USD

Price x Volume	Volume	Base Symbol	Related Pairs
36,025,783.89	188,330,217,629.54	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

36,025,783.89

188,330,217,629.54

Analyst: After Bitcoin Hits $50,000, Expect Another 100% to 200% Rally

09/02/2024 3:00pm

NEWSBTC

David Krueger, a crypto analyst on X, thinks Bitcoin (BTC) will tear higher, surging by 100% to 200% within five months, fueled primarily by fear of missing out (FOMO) once the coin breaks above $50,000. Will Bitcoin Break Above $50,000 And Rally To $100,000? Citing Tom Lee’s historical analysis, Krueger believes FOMO typically kicks in when Bitcoin trades above a price level “exceeding 97% of its historical days.” Lee is the co-founder and researcher at Fundstrat. Zooming at the development in the monthly chart, the analyst notes that this price point sits at $50,000, a key psychological level that bulls have failed to overcome since the bull run from mid-November 2023. Accordingly, if Lee’s analysis and the analyst’s assertion come true, BTC prices will likely float higher in the sessions ahead. However, what’s unclear is when BTC will clear this $50,000 level, paving the way for $100,000 and even $200,000 five months after the decisive breakout. Related Reading: Solana TVL Nears $2 Billion – Will SOL Cruise To $120 Before Valentine’s? When writing, BTC prices are firm and rallying. The coin is trending above $46,500 and will likely clear above January 2024 highs of around $48,700. Even so, whether the current uptrend will cause excitement, possibly creating FOMO, is yet to be seen. Looking at Google Trends data and organic search related to Bitcoin, interest is fizzling out. Data shows that the number of people searching for Bitcoin in the United States has dropped and is at around early 2021 levels. Even so, around that time, Bitcoin prices began trending higher, eventually rising to as high as $69,000. Halving And Spot ETF Issuers Loading Up More Coins While FOMO appears elusive at spot rates, another analyst offers a different perspective. In response to Krueger’s outlook, the analyst notes that sharp interest in Bitcoin historically arrives around six months after halving, lasting up to 18 months. This event and steady or increasing demand create a supply-demand imbalance that may pump prices. Bitcoin will halve its miner rewards in early April 2024. It is an event that may anchor bulls, setting the base for more gains as projected by analysts. Related Reading: Shiba Inu Burn Rate Spikes By Nearly 200% As Price Recovers The coin might also edge higher considering the pace at which spot Bitcoin exchange-traded fund (ETF) issuers have been buying BTC in the past few weeks since the product was approved in mid-January 2024. With Wall Street players like Fidelity, BlackRock, and other crypto firms like Bitwise loading up more coins, BTC will likely be more scarce than it has been after past halving events. Feature image from iStock, chart from TradingView

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