There is a growing possibility of approval in Bitcoin exchange-traded funds (ETFs) that are currently in the application process. Additionally, as there is less than 180 days left for the April 2024 halving event, predictions of Bitcoin reaching six-figure prices are being discussed more and more. So, what do famous analysts and important data show in this regard? Let’s examine together.
Targeting $100,000 in Bitcoin
Price trends in Bitcoin generally exhibit cyclical behavior. Analysts indicate a potential upward cycle reminiscent of the period between 2013 and 2017 by drawing parallels between the current price trajectory and historical patterns.
Similarly, Bitcoin’s historical bull runs tend to follow four-year cycles incentivized by events such as halving, which reduces the rate of new Bitcoin extraction and mining by miners. The next halving event is set to take place in April 2024, and according to analysts, the bull runs traditionally begin months in advance and the price of Bitcoin can continue to reach its all-time high.
With these developments, predictions of Bitcoin’s price surpassing $100,000 are becoming more widespread, as there is less than 180 days left until the halving event. However, while some analysts believe that the halving event will be the most significant event so far, others mention a different scenario for this event.
Investors Continue to Accumulate Bitcoin
Significant investors are increasing their assets, once again demonstrating their trust in Bitcoin. Analysis based on on-chain data reveals that major investors are increasing their stablecoin transactions for Bitcoin, indicating a reversal of a trend that could accelerate a rally beyond $35,000.
Furthermore, Bitcoin whales or organizations that own at least 1,000 Bitcoins historically indicate accumulation signals before major rallies. Data from the blockchain analytics platform Glassnode shows that the Bitcoin Accumulation Trend Score is currently at 1.
This indicates that larger whale entities, which are a significant part of the network, are accumulating. Additionally, smaller Bitcoin accumulations continue to break new records throughout 2023.
