The RSI demonstrates that Bitcoin is dancing to the bullish tunes. This is evident because BTC has reclaimed the mark of $66,000. While it happened briefly, it has set the stage for a resistance at $63,800. The formation of the triple-top pattern has further contributed to this factor. Thereby reviving all hopes of a new ATH in the days to come. Also, the recent trends have validated the continuation of the bull run.
It remains to be seen if BTC will surpass the $73,000 mark and claim a spot at $80,000. If it does, the coast should be clear for a seamless rise to $100k by 2024. The milestone of $75,000 is rather more practical followed by $80,000. Nevertheless, the original predicted estimate of $100k is still in the picture. Spot Bitcoin ETF has contributed a lot to the rise in the value. Bitcoin Halving has yet to show a significant impact, but the signs are more than tangible.
Halving concluded last Friday by slashing the rewards in half for miners and controlling the circulation of BTC tokens. This has made it scarce for a potential rise shortly. Also likely to work is the expectation around rate cuts by the Federal Reserve Bank.
There is a stark comparison between Gold and Bitcoin. It is nothing new to the world, but it has cemented more with the introduction of the Bitcoin ETF. The bull run will continue to be judged on how well BTC does on the trading board. It is tasked with staying above the mark of $66,000.
A fall below that margin will reflect poorly. Still, suppose history has taught crypto enthusiasts anything. In that case, BTC can bounce back at any moment, defy any odds, and yield better profit-taking to investors without prior notice.
It is this very nature that has set all the right tracks for BTC price prediction. Estimates are out to write a range of $86,000 – $100,000 on paper for Bitcoin by 2024. The current number is within the specified range of $64,000-$69,000 for April 2024.
Bulls are said to have triggered the bounce. Whales have added to that sentiment by coming out strongly after the rebound. Bulls are roughly stationed in the range of $73,000-$76,000, which could happen in the next 2-3 months. Altcoins like ETH and SOL have printed an excellent impression with a surge of 1.26% and 1.49%, respectively, in the last 24 hours. They are listed at $3,201.67 and $153.09 in the same order.
BTC has a long way to go before it can fulfill the prophecy of achieving $100,000 by December 2024. It is also poised to touch $150,000, provided situations work favorably for the crypto market.
Source: https://www.cryptonewsz.com/bitcoin-rises-once-again-sets-a-bullish-tone-for-100k-milestone/