Since Bitcoin emerged, its extensive examination has shown a continuous rise. Despite volatile price movements in short time frames, the process has seen a rise up to $73,750. Although the current price is around $20,000 below the ATH, analysts seem to have some words about a potential comeback.
Analysts’ Bitcoin Commentary
In 2020, a pandemic crisis occurred, and Covid affected the global economy. The year 2020 also marked Bitcoin’s third halving, which halved miners’ revenues. Later, at the end of the year and especially in 2021, the market moved to that period’s peak, and in November of the same year, BTC rose to $69,500.
One market analyst, AO, drew a similarity between the price movement in 2020 and the process so far in 2024.
AO indicated that the bull time has arrived, showing similarities to the Covid period, and pointed to $160,000.
Another market analyst, Yoddha, also commented on the upward trend and made a consolidation-centered statement. The analyst’s statement was as follows:
The longer the consolidation, the bigger the rally.
Later, sharing another chart and indicating the potential target of the price, the analyst stated that the peak is not yet reached and added:
#Bitcoin is not forming a peak here! This is not the peak, my friend.
The rise will continue soon.
Looking at the comments of both analysts, it appears that they are targeting over $100,000 for Bitcoin. So, what is happening with Bitcoin right now?
How Much is One Bitcoin?
After JOLTS’ announcement last night, BTC rose to $58,500 but then pulled back. As of the time of writing, BTC is at $57,000 after a 1% rise in the last 24 hours.
Following this price movement, BTC’s market cap rose to $1.27 trillion, while trading volume fell to $31.6 billion after a 2.75% drop.
In the future, significant fluctuations in Bitcoin’s price may occur due to the Fed’s interest rate decision and the US elections.
