As Bitcoin Trades Above $100K—Analysts Reveal What Could Be Next

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	22,921,929,767	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

22,921,929,767

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.011354	4.48%	0.264694	0.264693	0.264694

Price Change

Price Change %

Current Price

Bid Price

Offer

0.011354

4.48%

0.264694

0.264693

0.264694

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.264694	0.252635	0.25334	0.25334	0.077142 - 0.449994

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.264694

0.252635

0.25334

0.077142 - 0.449994

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	12:26:33	918.31	0.264694	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

12:26:33

918.31

0.264694

USD

Price x Volume	Volume	Base Symbol	Related Pairs
289,242.55	1,120,089.69	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

289,242.55

1,120,089.69

As Bitcoin Trades Above $100K—Analysts Reveal What Could Be Next

06/12/2024 9:30am

NEWSBTC

Bitcoin has achieved a major milestone, trading at six-figure levels for the first time since its inception. On Thursday, the cryptocurrency reached a new all-time high of $103,679, marking a year-to-date surge of over 140% and pushing its market capitalization above $2 trillion. This achievement has reignited enthusiasm within the investor community, solidifying Bitcoin’s position as a key player in the global financial market. Despite this impressive feat, Bitcoin has experienced a slight retracement. At the time of writing, it trades at $101,573, still up by 6% in the past 24 hours. Related Reading: Retail Demand Surges for Bitcoin: The Journey Towards $100K and Beyond Begins? What Comes Next? Market intelligence platform IntoTheBlock weighed in on this development, offering insights into Bitcoin’s potential trajectory. The platform’s analysts highlighted that Bitcoin’s capped supply and growing interest from institutional investors and even countries create significant upward potential. Bitcoin breaks $100.000! A major milestone, but what’s next? With a limited supply and substantial interest from large investors (and even countries), the potential seems limitless. However, we recommend taking a look at prior cycles to evaluate potential. This chart shows… pic.twitter.com/5b60oTRJy3 — IntoTheBlock (@intotheblock) December 5, 2024 However, past cycles suggest diminishing returns, with historical post-halving cycles showing returns of 7,900% in 2013, 2,560% in 2017, and 594% in 2021. Based on these trends, IntoTheBlock expect a more conservative growth range of 100%-200% from the halving price, suggesting a peak between $130,000 and $190,000. IntoTheBlock analysts particularly wrote: So while some are calling for a million dollars per Bitcoin, a more reasonable expectation would be a 100%-200% return from the halving price, placing the top between 130k and 190k. However the analysts also pointed out: “That is, unless Bitcoin becomes a global reserve asset of course.” Analyzing Market Trends and Investor Behaviour Meanwhile, a CryptoQuant analyst has provided additional insights into Bitcoin’s recent performance and market behaviour. According to the analyst, Bitcoin purchases continue to rise, with the Coinbase Premium Index reflecting strong buying activity in the United States. The index, which tracks the difference in price between Coinbase Pro and Binance, shows sustained positive data, indicating active participation by US investors. The analyst emphasized the importance of monitoring this index alongside broader trend analysis. For example, during periods classified as “fear phases,” where buyers retreat and bearish momentum fails to materialize, the market often creates opportunities for strategic entry points. Related Reading: $1.87B Bitcoin Withdrawals From Coinbase In 24H – What This Means To Price If the index remains in the positive zone, it signals a continuation of the uptrend, making pullbacks an optimal time for positioning. Until Bitcoin reaches what the analyst describes as the “excess phase,” buying positions should be held, while profitable positions should be secured to mitigate risk. Featured image created with DALL-E, Chart from TradingView

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