Analyst Reveals Bullish Price Targets Ahead
Bitcoin (BTC) hit a new record high of $94,730, continuing a sharp upward trend that began on November 5. Analysts are calling the rally a “Trump trade” because of recent concerns surrounding donald trump’s victory Injecting new confidence into Bitcoin and the broader cryptocurrency market among investors.
Analysts predict BTC to rise 42%
Despite the impressive price surge, analysts believe Bitcoin’s price discovery is far from complete, suggesting Bitcoin has huge potential further growth.
This bullish sentiment is echoed by analyst Ali Martinez, who compared Bitcoin’s current price action to that of December 2020, when Bitcoin saw a significant uptrend, and eventually hit an all-time high of $69,000 in 2021.
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Martinez notes The Relative Strength Index (RSI) is a key technical indicator used to measure momentum and currently reflects the pattern observed in late 2020. This similarity suggests that BTC price may see a significant increase in the coming months.
Martinez said that if this trend continues, Bitcoin could hit the $108,000 mark, followed by potential corrections to around $99,000 before rebounding towards the expected milestone of $135,000.
Although Martinez didn’t specify a timeline for these changes, this forecast represents an increase of more than 42% from current levels, indicating that these changes could occur anywhere between now and the first quarter of 2025.
Will Bitcoin hit $1 million by 2029?
Internet economist Timothy Peterson said that Bitcoin’s current bullish trend may continue until November 2025 and set ambitious goals for the future.
in a Recent posts on X Peterson (formerly of Twitter) predicted that the price of Bitcoin could reach $275,000 per coin by Thanksgiving 2025. He based this prediction on Metcalfe’s law, which states that the value of a network is proportional to the square of its number of users. This suggests that as more people adopt Bitcoin, its value could increase significantly.
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Looking ahead, the economist also asserted that Bitcoin price could reach a coveted valuation Each coin is worth $1,000,000 By 2029, that’s an astounding 954% increase from current levels.
The largest cryptocurrency on the market is trading at $94,730 at the time of writing, having surged in recent weeks, gaining 26% and 39% on the 14-day and 30-day time frames respectively.
Additionally, BTC’s market capitalization valuation has reached $1.8 trillion, making it one of the most valuable assets in the world, Currently ranked 7thsecond only to companies such as Nvidia, Microsoft, Google and Amazon. But it’s a far cry from the leading asset in the matter – gold, which has a market capitalization of $17 trillion.
Featured images from DALL-E, charts from TradingView.com
