Bullish: Bitcoin (BTC) Poised for New All-Time Highs as $100k is in Sight

  • May 15, 2024
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As Bitcoin continues to trade within a narrow range, experts in the cryptocurrency space are closely watching various indicators to predict the future trajectory of the world’s largest digital asset.

Despite the current consolidation, several prominent analysts remain optimistic about Bitcoin’s long-term prospects, with some even suggesting that the cryptocurrency could reach new all-time highs soon.

TLDR

BitQuant predicts Bitcoin will reach $95,000 in one move, but the timing is uncertain.
PlanB suggests that Bitcoin’s price will “go vertical” 2-5 months after the halving event, based on historical trends of Bitcoin miner revenue recovery.
Dan Tapiero believes Bitcoin is close to completing a bull flag pattern and could soar to $90,000 if it breaks above $65,000.
Timothy Peterson predicts Bitcoin could reach $100,000 by Q4 2024 or Q2 2025 if the U.S. high yield rate falls below 6-7%.
Interest rates and the upcoming U.S. election are seen as important factors influencing Bitcoin’s price action.

One such analyst is BitQuant, who believes that Bitcoin will reach $95,000 in a single move. While the exact timing of this move remains uncertain, BitQuant is confident that it will occur, citing the current market structure as evidence.

$95K will be achieved in just one move, and that is quite obvious. Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows. If you can’t relax now and wait for #Bitcoin to perform as expected, then it’s better to leave the market to avoid the… https://t.co/Tpbpn7daGL

— BitQuant (@BitQua) May 15, 2024

Similarly, PlanB, the creator of the stock-to-flow (S2F) model, points to historical trends in Bitcoin miner revenue to support his bullish outlook.

According to PlanB, Bitcoin’s price tends to “go vertical” 2-5 months after a halving event, as miner revenue recovers.

Historically, bitcoin miner revenue recovers 2-5 months after a halving, and after that bitcoin price goes vertical???? pic.twitter.com/AdCQSvvsbq

— PlanB (@100trillionUSD) May 14, 2024

Dan Tapiero, CEO of investment firm 10T Holdings, also sees a bullish future for Bitcoin. Tapiero suggests that the cryptocurrency is close to completing a bull flag pattern, a technical analysis formation that often precedes a significant upward breakout.

If Bitcoin breaks above the crucial $65,000 level, Tapiero predicts it could quickly soar to $90,000 and beyond.

Starting to look scary bullish for #BITCOIN   

Break of 65k goes right to 90k…and then more..

Very clear sideways overlapping flag type consolidation nearly done.

Mkts always surprise.

Specific catalyst unclear but it doesn’t matter.

DFTU as @RaoulGMI preaches. ???? ???? pic.twitter.com/KcFAwH1H80

— Dan Tapiero (@DTAPCAP) May 14, 2024

While technical analysis provides valuable insights, some analysts are focusing on macroeconomic factors to gauge Bitcoin’s future performance. Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, believes that the U.S. high yield rate is a critical indicator for Bitcoin’s price action.

Peterson argues that if the high yield rate falls below 6-7%, Bitcoin could reach the much-anticipated $100,000 mark by the fourth quarter of 2024 or, at the latest, the second quarter of 2025.

The potential for lower interest rates is seen as a positive sign for Bitcoin, as it could drive more investors towards riskier assets in search of better returns.

However, the upcoming U.S. election in November adds an element of uncertainty to the market, which could lead to increased volatility in the short term.

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