Originally published on: November 11, 2024
Bitcoin is on the rise once again, with its price hitting a milestone of $90,633 and entering a strong price discovery phase that hasn’t been seen since December 2020. Analysts are optimistic about its future, predicting that the cryptocurrency could reach six-figure price targets in the near future.
Renowned market analyst Peter Brandt believes that Bitcoin is following a bullish trend that could lead to a price target of $125,000 based on Bayesian probability. This theory analyzes past data sets to determine the conditional probability of future events, providing traders with valuable insights into setting targets based on historical behavior.
Brandt’s analysis suggests that Bitcoin’s current trajectory could mirror its Q1 2024 run by the end of Q4 2024, potentially hitting $125,000 before New Year’s Eve. Another prominent Bitcoin proponent, Titan of Crypto, has set a bullish pennant target of $158,000, citing the completion of a golden cross on the weekly chart as a key factor for the cryptocurrency’s upward momentum.
Despite the recent surge in Bitcoin’s price, there are concerns about a potential drop to $77,800 or lower in the coming days due to a CME gap that opened up on the daily chart. However, historical data suggests that these gaps have a high likelihood of getting filled over time, indicating a possible continuation of the bullish trend.
While past performance is not indicative of future results, Bitcoin’s strong market behavior and technical indicators point towards a potential rally to new all-time highs above $100,000 in the near future. Investors should always conduct their own research and exercise caution when making financial decisions in the volatile cryptocurrency market.
