Bitcoin Soars: $100,000 by 2024 Predicted Amid Bullish Trend

Bitcoin on the Rise: Expectations High for $100,000 by 2024

Despite resistance around $100,000, Bitcoin (BTC) is experiencing its third bearish reversal this year, with buzz already ramping up in the cryptocurrency market. However, analysts predict that the next few days could see bitcoin reach $100,000 by 2024, and as the third quarter begins, there will be a breakout rally, expected to exceed $70,000.

This newfound optimism has given rise to the possibility of a continued bull market. According to CryptoQuant’s CEO, Ki Young Ju, there is resemblance between this trend in 2020 and the one in 2024 when Bitcoin remained around $10,000 for six months before rising to $64,000 in 2021.

Key Drivers of the Bullish Trend

* Daily additions of $1 billion to new whale wallets
* Positive US Bitcoin sentiment, with BTC HODLers seeing an upward trend over the next 24 hours above $75,000
* RSI-14 trend line has increased from its previous level and is currently hovering above the midline at 43, suggesting that bullish pressure is on the horizon

However, there are concerns that on-chain activities may cause Bitcoin to tip over at the $100,000 level. At this time of writing, Bitcoin’s price is $58,956, up by more than 0.6% in the last 24 months. The 24-hour volume has skyrocketed to $1 billion.

Short-Term Volatility Ahead

* The Simple Moving Average (SMA-14) level indicates instability in the coming hours
* Bitcoin’s price was heavily under selling pressure towards the $58,000 threshold, with buyers actively seeking a quick recovery below the immediate resistance level
* In the absence of buyer activity, BTC may fall below the immediate support level of $58,116 and move bearish towards $55,497

Long-Term Prospects: Highly Promising

* By 2024, Bitcoin could have a peak value of $110,000, with fewer prices than $48,000 expected, and an average price above $65,000
* The Bitcoin Halving event is expected to persist, potentially keeping the Bitcoin price above $100,000 by 2025
* BitMEX CEO Arthur Hayes predicts that the BTC price will hit $700,000 by 2020

Future Projections

* By 2027, Bitcoin could experience a minimum price of $140,491 and peaks at $216,738
* In 2028, it is predicted to hit $164,063 and reach $244,142
* Meanwhile, in 2029, its value could be at least double or triple the value of Bitcoin
* The latest forecast indicates that Bitcoin’s value could potentially reach $225,903 or more by 2030, and it may soar to $270,593

Important Note: Cryptocurrency Market Volatility

* The cryptocurrency market is highly volatile and subject to frequent volatility
* Investors should always conduct their own research before investing

Read more about Bitcoin price predictions and analysis on CoinSeeks.com, providing valuable insights and information related to the topic.