Market Expert Predicts $200K Surge Amid Retail FOMO And Volatility
Bitcoin (BTC) prices were just below $100,000 as of the end of the week, falling 7% on Thursday to about $91,000. this milestone The face of heightened market volatility has fueled speculation about Bitcoin’s short-, medium- and long-term behavior.
Experts predict Bitcoin could hit $200,000
according to Market expert VirtualBacon believes that while the $100,000 level is noteworthy, it does not represent the peak of Bitcoin’s potential. He calls the current phase an “exciting phase” where retail investors are motivated by fear of missing out (FOMO) and media hype.
While Bitcoin’s move toward $100,000 may not represent an early entry point, VirtualBacon cited past price cycles to predict that Bitcoin will eventually reach $200,000.
However, the expert warned that investors should be prepared for a 20% to 30% correction, but he remained confident in Bitcoin’s long-term potential.
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Regarding the duration of the current bull market, VirtualBacon noted previous cycle Indicates that large price increases typically last 6 to 10 months. He observed that previous bull markets typically peaked 6 to 10 months after major milestones, such as the Bitcoin halving event.
VirtualBacon also compared Bitcoin’s latest breakthrough to the $100,000 milestone to its first breach of the $10,000 level in 2017, which resulted in the price rapidly doubling in 20 days.
If history repeats itself, analysts believe Bitcoin prices could surge to $200,000. However, if the price consolidate Around $100,000, this could signal a continued bull run, which would benefit altcoins.
Ethereum: “A no-brainer investment”
While the excitement surrounding Bitcoin’s surge above $100,000 is palpable, VirtualBacon emphasizes that the real potential lies Altcoins. He believes that when Bitcoin consolidates, altcoins will definitely take center stage. Ethereum Ethereum (ETH), in particular, has outperformed Bitcoin, signaling the upcoming altcoin season.
Over the past cycle, Ethereum has outperformed Bitcoin by 2.5x. If Bitcoin reaches $200,000, VirtualBacon predicts that Ethereum could grow to $15,000, a fourfold increase.
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Interestingly, VirtualBacon considers Ethereum to be a “no-brainer investment” right now, citing the fact that it is “significantly undervalued” and capable of generating at least 3x returns and is realistic. price targetPrices range from $10,000 to $12,000.
Finally, VirtualBacon recommends monitoring Bitcoin’s performance relative to the 200-day exponential moving average. He expects the bull market to last until the end of 2025, creating multiple possibilities for smart investments.
As of this writing, BTC, the largest cryptocurrency on the market, is trading at $99,670, up 3.2% for the week. On the longer time frame, Bitcoin is still showing significant monthly and year-to-date gains of over 31% and 129% respectively.
Featured images from DALL-E, charts from TradingView.com
