Could BTC Reach $100K? Bitcoin Predictions by End of 2024
What’s the news: After Trump’s presidential victory fueled a crypto surge, Bitcoin’s price is facing resistance, with market makers at the $90,000 and $100,000 levels potentially limiting further gains.
[Editor's note: At the time of editing, Bitcoin's price is $93,000, a new all-time high.)
What’s the significance: Investors should watch the levels for potential volatility as these could limit Bitcoin’s rise, unless sentiment changes.
The Big Picture: Despite the strong rally, the current market may face short-term pullbacks, and Bitcoin’s price may remain range-bound around the $90,000 level unless the broader sentiment shifts.
Key Details:
- A CoinDesk report highlighted that Bitcoin’s price rally may face resistance between $90,000 and $100,000 due to market makers with positive gamma exposure.
- This “gamma exposure” is likely to keep Bitcoin rangebound unless market sentiment shifts to become more bullish.
- Dealers have sold BTC options at these levels, creating a situation where market makers need to hedge by buying when prices fall and selling when they rise, limiting price movement.
- The report stressed that the $90,000 strike options, expiring in late November and December, are central to the resistance.
$100K Prediction:
- Kalshi, a prediction market platform, recently estimated a 52% probability that Bitcoin will hit $100,000 by the end of 2024.
- Polymarket also launched a market for Bitcoin’s 2024 performance, indicating a 61% likelihood of Bitcoin reaching $100,000 by the year’s end.
- A Forbes report also noted that traders are now betting on a $100,000 target by the end of the year.
- It highlighted that options market data shows a 15% chance of Bitcoin reaching $100,000 by 2025.
- Reasons for Bullishness:
- Elon Musk’s influence and the rise of meme-based dogecoin have also contributed to the bullish sentiment.
- Wall Street giants, including Blackrock, have increased their bitcoin holdings through ETFs, further driving optimism.
Beyond $100K:
- Technical Analyst Gert van Lagen predicts Bitcoin could reach over $220,000, arguing that BTC has moved from a “Base 4” phase to a more advanced “wave 5” phase, signaling further price growth.
- Bluntz, a well-followed crypto trader in X, predicted that BTC will go up to the $130K-$150K range.
However: Some analysts caution about a potential price correction due to overenthusiastic trading and upcoming Federal Reserve interest rate decisions.
In addition: On-chain metrics, as per Relative Strength Index (RSI) at 80, suggest Bitcoin may experience a short-term pullback, as readings above 70 indicate the asset is overbought and due for correction.
Key quote:
“By late this week or early next … a sharp price correction is anticipated… The bitcoin price chart shows significant uncovered liquidity below the current price, while liquidity above has already been absorbed, indicating that a downward movement is needed to support sustainable future growth. By year-end, we project bitcoin’s value to range between $80,000 and $90,000, with $100,000 remaining an unlikely target under current conditions.”
Arthur Azizov, the chief executive, B2BinPay
The numbers: According to CoinGecko data, Bitcoin is currently valued at $89,450.83 (₱5,261,587) reflecting a 10.1% increase in the last 24 hours and a 30.1% rise over the past week.
What to watch: As Bitcoin approaches key resistance levels, a clear direction for the price will depend on market dynamics and broader economic factors, especially Federal Reserve decisions.
Worth reading: Bitcoin’s surge to $89,000 in a week has led to over $659 million in liquidations, with short positions bearing the brunt of the losses, amid ongoing market volatility.
This article is published on BitPinas: Could BTC Reach $100K? Bitcoin Predictions by End of 2024
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