Bitcoin Price Speculation: $100,000 is expected to surge as BTC approaches $50,000.
NOIDA (CoinChapter.com) — Bitcoin price speculation continues this week as the token price approaches $50,000. As Bitcoin challenges the symbolic $50,000 threshold, analysts and financial experts continue to speculate that the token could rise to the $100,000 price range by the end of 2024.
For example, CryptoQuant CEO Joo Ki-young shared his prediction for Bitcoin price action in 2024, stating that the token could rise to $112,000 by the end of 2024. Moreover, Ju set a worst-case price target near $55,000, a level Bitcoin price has not seen since November 2021.
The CryptoQuant CEO based his speculations on the impact of inflows into America’s first Bitcoin exchange-traded fund (ETF), which could attract significant institutional capital to the market.
Ju said ETF inflows could add substantially to the Bitcoin market cap.Potentially could increase realization cap by $114 billion per yearwhy.”
Bitcoin Price Hits $100,000 Guess Club Attracts More Members
Standard Chartered Bank’s Geoff Kendrick puts Bitcoin’s potential upside at $100,000 in April 2023 due to a number of macroeconomic factors. Kendrick supported his 2024 Bitcoin price speculation by highlighting the stabilization of risk asset markets and the potential impact of regulatory changes as key drivers.
This is a perspective that takes advantage of the Federal Reserve’s interest rate hike conclusion and the upcoming Bitcoin halving event. As there is a possibility that the Federal Reserve will stop raising interest rates, the likelihood that Kendrick’s prediction will come true has increased.
Adam Back, CEO of Blockstream.com, said the BTC price will rise to the new ATH or “Even if it’s 1 million won” before the upcoming halving event. Another cryptocurrency trader assert The point is that the introduction of spot Bitcoin ETFs will lead to shallower declines in Bitcoin prices in the future.
With Bitcoin dancing around $50,000, an anonymous cryptocurrency analyst said,stack hodler‘ shared his BTC price speculations, noting that the rise to the $100,000 price mark is similar to the times when BTC price attempted to break $10,000 in 2018-2020.
However, the analyst pointed out that there are more optimistic clues in favor of Bitcoin in the current scenario, including institutional interest, the removal of fraudulent market players (*cough* SBF *cough*), and the prospect of a federal interest rate cut.
But not everyone is convinced. Glassnode reports that Bitcoin “danger“Zone, high risk”The point at which the market is likely to fall into a speculative bubble..”
According to the report, Bitcoin is trading above its realized price and its 200-day simple moving average (SMA), but not excessively. Therefore, according to Glassnode’s indicators, BTC price is more likely to fall in price.
BTC price to $50,000: Very close, but still far away
Meanwhile, a six-day Bitcoin price offensive that saw the token rally to its highest since June 2022 ended on February 12 after weakness sent BTC down 2.2% from its daily high of $48,800.
Bitcoin bulls will need more incentives to conquer the price wall near $50,000. Traders are likely to wait for a firm break above immediate resistance before initiating long positions near $54,150.
The oversold RSI level hit 71.44 on the daily chart, which may have hurt Bitcoin price action. Traders tend to view overbought RSI levels as a classic sell signal as the asset typically reverses a bullish trend or enters a consolidation phase when the pattern occurs.
If selling continues, BTC price could fall to support near $45,800. A violation of immediate support could send FUD into the market, triggering panic selling and pushing Bitcoin price down towards the 50-day EMA (purple wave) support at $43,000.