Bitcoin is currently consolidating below $60,000, with investors closely watching for a potential breakout.
Despite recent volatility, there is a growing consensus that the cryptocurrency is set for significant long-term gains.
Analyst Predicts $100K Target
Crypto analyst TradingShot suggests that Bitcoin is on track to reach $100,000 in the coming months. In a recent TradingView post, the analyst described Bitcoin’s recent pullback as a mere technical correction, paving the way for a powerful bull run.
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ver the past two weeks, Bitcoin’s price has tested the 50-week moving average (1W MA50), a critical trend line that was touched only once in the previous bull cycle. While this test raised concerns about a potential downturn, TradingShot sees it as a necessary market adjustment. This correction aligns the current bull run, which began in March, with historical trends observed in previous cycles.
Parallels with Past Cycles
The analysis also draws parallels between the current cycle and those in 2016 and 2020. Historically, 630 days after a cycle bottom, Bitcoin traded just below its 0.236 Fibonacci retracement level. In the current cycle, however, Bitcoin’s recent drop occurred just above this level, indicating a more aggressive trend than in previous cycles. This suggests that Bitcoin is on a faster trajectory, with the long-term upward trend remaining strong despite the recent correction.
Bitcoin’s Bull Run Resumes
Given the current market dynamics, TradingShot predicts that Bitcoin will soon regain its upward momentum. By early 2025, Bitcoin is expected to break the $100,000 barrier, driven by this more aggressive bull trend. Furthermore, by the summer of 2025, Bitcoin could reach the -0.618 Fibonacci extension level, a milestone achieved in previous cycles.
“We expect BTC to resume the rally and continue on a more aggressive tone than in the past, breaking above $100K by early 2025,” the analyst stated.
Market Sentiment and Price Analysis
Bitcoin’s recent inability to hold above $60,000 has been attributed to a lack of institutional buying interest, a trend linked to reduced activity around stablecoin purchases. Investors had anticipated a possible rally following a discussion between Republican presidential candidate Donald Trump and Tesla CEO Elon Musk on X. However, the discussion did not touch on cryptocurrency or regulations, dampening expectations.
At the time of reporting, Bitcoin is trading at $59,189, gaining about 0.3% in the last 24 hours. On the weekly chart, BTC is up nearly 7%, as it aims to reclaim the $60,000 resistance zone. Investors should monitor Bitcoin’s ability to hold above the $58,000 support level, as a drop below this mark could see the asset target $50,000. Additionally, broader economic factors will play a crucial role in determining Bitcoin’s trajectory in the coming months.
