Top Analyst States Condition for Bitcoin (BTC) Price Spike to $100k and When It Could Happen
Crypto Casey has shared some thoughts about Bitcoin and its possibility of reaching $100,000 in 2024. She noted that Bitcoin is still trading at around $60,000.
For the past 25 weeks, it has been trading within the $55,000 and $70,000 range, according to Crypto Casey, which has been a nice consolidation event following Bitcoin’s unprecedented all-time high before the most recent halving. Such consolidation, she believes, will likely prove to become strong support once we break through this $70,000 resistance level.
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Show more +The Criteria for a Bitcoin Price Spike to $100,000
Casey also addressed whether the BTC price can hit $100,000 in 2024. The analyst believes this is possible as soon as Bitcoin breaks above the $70,000 mark. From there, the analysis expects the price to take off to the highly anticipated $100,000 market. The question then remains: when will it happen? And where are we in this cycle?
Reflecting on historical data, Crypto Casey points out that in previous Bitcoin cycles, it took about 75 to 80 weeks after the halving for Bitcoin to hit a new all-time high before entering a bear cycle. The last halving happened in April, and if history repeats, the bull market is expected to top out 75 to 80 weeks after, which is sometime around September 2025.
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However, she believes anything can happen, especially in crypto, and mentioned the need to be prepared for various outcomes, paying attention to various events, and keeping fingers on the pulse.
If Bitcoin is to really top in September 2025, then the most important thing we will all need to be doing from June, July, and August leading up to a potential blow-off top is taking profit.
She mentioned having a profit-taking strategy in place, noting that failing to do so could lead to massive regret like some had in the last bull cycle.
In discussing the potential for Bitcoin to reach $100,000 in 2024, Crypto Casey presents a chart that shows a parabola on the Bitcoin price chart, indicating that Bitcoin could shoot up to a $90,000 price point if the $70,000 resistance is broken.
Thus, we could potentially see Bitcoin hitting $100,000 this year. She thinks it could happen around mid-November 2024.
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