As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the current bull run we’re witnessing is reminiscent of the exhilarating rides we’ve experienced before. The price action of Bitcoin breaking its previous ATH and aiming for six-figure targets has been a common theme in our digital gold’s journey.
The cost of Bitcoin (BTC) has moved into a significant period of value determination for the first time since December 2020, as its weekly chart surpassed $80,000. This bullish trend has evolved from a short-term perspective to a long-term one, and numerous analysts predict that several targets in the six-figure range will be achieved more quickly than expected.
Bitcoin could reach $125,000 by New Year’s Eve
Peter Brandt, a well-known market analyst, pointed out that Bitcoin often follows a pattern of increasing prices when it makes a “mark up” move. This experienced trader noted Bitcoin’s recent surge above its previous all-time high (ATH) levels and predicted a potential price target of $125,000 based on Bayesian probability.
In simpler terms, Bayesian probability, which is also known as Bayes’ theorem, allows us to predict the likelihood of a future event occurring by considering historical data. For traders, this means they can make more informed decisions about uncertain price ranges for an asset, by setting targets that are based on how the asset has behaved in similar past scenarios.
In simpler terms, Brandt suggested that the performance of Bitcoin in the first quarter of 2024 could be mirrored in the last quarter of the same year, according to the given theory. This could possibly result in a peak price of $125,000 by New Year’s Eve 2024.
In simple terms, a well-known Bitcoin advocate and trader, often referred to as the Titan of Crypto, predicts that Bitcoin’s price could reach $158,000 based on a bullish pennant formation. This optimistic outlook is largely influenced by the completion of the weekly chart’s golden cross, which signals a potential continuation of the bull market. However, he suggests that $100,000 will be achieved first as the initial target during the second bull phase in 2024.
Open Bitcoin CME gap between $77,800 to $80,600
Over the weekend, Bitcoin’s price surged by more than 5%, creating an opening or gap in the Chicago Mercantile Exchange (CME) between $77,800 and $80,600 on the daily chart, as of November 11. This is the first such gap since August 2024, viewed through a one-day timeframe, and historically, these gaps on the daily chart tend to get closed or “filled.
Therefore, should conditions shift, it’s possible that the value of Bitcoin may fall to around $77,800 or lower within the coming days. Anonymous market analyst Scient suggests that Bitcoin might be approaching a temporary peak. Moreover, he mentioned this observation.
“Anticipating the price to halt around $84-85k followed by a correction/consolidation for 7-10 days before we resume up again.”
It’s worth pointing out that the pattern of Bitcoin’s past market activity, particularly with regard to the CME gap, is significant. In circumstances similar to those experienced in 2023, a minor CME gap emerged following Bitcoin surpassing a multi-month resistance level and subsequently reaching its annual high during Q4.
According to the graph, the CME gap appeared under conditions where a higher price point was anticipated, and it wasn’t closed until early 2025, at which point Bitcoin prices surged an additional 23% beyond the CME gap.
If Bitcoin adheres to the pattern outlined, its cryptocurrency value could potentially rise even further, surpassing its previous peak of $100,000 or more.
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2024-11-11 22:10