Bitcoin (BTC) was under $100,000 over the weekend, falling 7% to around $91,000 on Thursday. This milestone has prompted speculation about bitcoin’s short-, medium-, and long-term behavior in the face of heightened market volatility.
Experts estimate that Bitcoin can reach $200,000
according to To market expert VirtualBacon, while the $100,000 level is noteworthy, it does not represent the peak of Bitcoin’s potential. He describes the current phase as an “exciting phase”, with retail investors driven by fear of missing out (FOMO) and media hype.
While Bitcoin’s march to $100,000 may not signal an initial entry point, VirtualBacon predicts it will eventually reach $200,000, citing the previous price cycle.
However, the expert warns that investors should be prepared for corrections of 20% to 30%, but remains confident about Bitcoin’s long-term potential.
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Regarding the longevity of the current bull run, virtualbacon points previous cycle Which indicates a 6 to 10 month increase in core prices. He observes that previous bull runs have often peaked 6 to 10 months after important milestones, such as Bitcoin’s halving events.
VirtualBacon also drew a comparison between Bitcoin’s latest breakthrough of the $100,000 milestone and the initial breach of the $10,000 level in 2017, which resulted in a rapid price doubling within 20 days.
If history repeats itself, the analyst believes that the price of Bitcoin could skyrocket to $200,000. However, if the price Consolidates Around $100,000, this could signal a continued bull run, which would be beneficial for altcoins.
Ethereum: A ‘No-Brainer Investment’
While the euphoria surrounding Bitcoin’s rise above $100,000 is palpable, VirtualBacon emphasizes that the real potential altcoins. He believes that when Bitcoin consolidates, altcoins will definitely take center stage. ethereum (ETH), in particular, is outperforming Bitcoin, predicting the upcoming altcoin season.
During previous cycles, Ethereum outperformed Bitcoin by a factor of 2.5. If Bitcoin reaches $200,000, VirtualBacon predicts that Ethereum could rise to $15,000, representing a fourfold increase.
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Interestingly, VirtualBacon currently considers Ethereum a “no-brainer investment,” citing its “significant undervaluation” and ability to generate at least a 3x return with realism. Price target Rs$10,000 to $12,000 term.
Finally, VirtualBacon advises monitoring Bitcoin’s performance in relation to its 200-day exponential moving average. He expects the bullion market to continue until late 2025, creating many opportunities for smart investments.
At the time of writing, the largest cryptocurrency in the market, BTC, was trading at $99,670, up 3.2% on the week. With longer time frames, Bitcoin still shows significant gains of over 31% and 129% on a monthly and year-to-date basis, respectively.
Featured image from DALL-E, chart from TradingView.com
