Bitcoin, the world’s leading cryptocurrency, is breaching another rally-encouraging all-time high, notching up above $70,000 last night. As excitement and greed in the market intensify, estimates of where BTC goes next are creeping up. Some experts think $100,000 might even be on the horizon. Bitcoin options data suggests a new trajectory.
Renowned cryptocurrency analyst Tuur Demeester suggests indicators point to an impending bull market in Bitcoin. Comparing current trends to aggressive cycles of 2012 and 2015, Demeester notes minimal price drawdowns, indicating low supply and robust buying activity.
Demeester’s observations reflect a growing sentiment among investors as Bitcoin demonstrates resilience in the face of market fluctuations. With dips being aggressively bought, the cryptocurrency market anticipates a sustained upward trajectory reminiscent of previous bullish cycles.
Analysts interpret that market fundamentals now suggest that Bitcoin’s big bull run is ready to commence. As supply is scarce and demand is still high, the stage is seemingly set for that epic bull market. Investors prepare themselves for what could become the greatest surge in the BTC price ever.
Historical Trends Point to Bitcoin’s $100,000 Journey
Tuur Demeester remembers when BTC hit the $1,200 mark; some people could not even imagine it would be worth thousands of dollars. Many took big profits then, but now they wish they had not done it so early and think the same thing will happen again as soon as Bitcoin climbs over $ 100,000.
The Bloomberg report revealed that the $100,000 BTC forecast is becoming more likely within the options market due to a significant rise in Call options with strike prices of $80,000 and $100,000. The latest positioning moves make a sustained rally even more plausible. Conversely, lower volatility and leverage in the options and futures markets suggest that BTC’s rise to $70,000 was fuelled by spot market demand.
Ali Martinez reveals that whenever Bitcoin has surpassed its prior ATHs, it typically takes about 8 to 11 months for the market cap to reach its top. “With BTC at all-time highs now,” Ali added, historical patterns suggest the next BTC market peak may fall between November 2024 and February 2025.
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