CoinDesk analysts are predicting that Bitcoin may be on the verge of a new price breakout, with prices poised to rise to $108,000 to $155,000 based on moves in past market cycles. Bitcoin has experienced a prolonged correction since reaching a high of $73,000 in March, with many investors believing the market has peaked.
However, the recent price movement of Bitcoin is similar to the performance of the two bull markets in 2016 and 2020. Both of those bull markets achieved significant gains at the end of the year. This suggests that Bitcoin may be on track for a similar move again before the end of the year. Despite its weak performance since March, Bitcoin is still up 290% since the market low in November 2022, coinciding with previous bull cycles. If Bitcoin follows past trends, its price could see a 600% to 900% increase before the end of the year, reaching the range of $108,000 to $155,000.
Opinion: Bitcoin may break through new highs and is expected to rise above $100,000 by the end of the year
2024-09-19 22:23:44
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