2024-11-25 21:59 |
Bitcoin (BTC) continued to make headlines Saturday as it approached the highly anticipated $100,000 milestone. Notably, earlier the previous day, the leading cryptocurrency updated its historical high, reaching $99,655 before recoiling slightly.
At press time, Bitcoin was trading at $98,688, reflecting a modest 0.15% decline over the past 24 hours. Despite this slight dip, the asset’s market cap remains robust at $1.95 trillion, inching closer to Google’s valuation of $2.028 trillion.
As Bitcoin maintains its upward momentum, crypto analysts are becoming more optimistic, with many forecasting even higher price levels in the near future. On Saturday, veteran trader and financial author Oliver L. Velez shared an ambitious outlook for Bitcoin, suggesting that the next phase of its journey from current prices could be swift and significant.
“Once Bitcoin breaks $100,000, which took it 16 years to do, it will quickly move above $200,000 within a few months.” The pundit told his 55,800 followers on X.
Notably, Velez highlighted the concept of a “quick doubling effect,” a phenomenon he has leveraged throughout his trading career. He noted that Bitcoin has historically demonstrated this rapid acceleration following major psychological price levels, such as $1, $10, $100, and $10,000.
“The saying that ‘the first $1 million earned is the hardest’ aligns with this principle,” Velez explained. He added, “This time will be no different at Bitcoin $100,000. The quick doubling effect is upon us.”
His statement sparked excitement among his followers, many of whom echoed similar sentiments. One user remarked, “Same with Bitcoin $10K -> $20K. Just a few weeks. Too bad one year later Bitcoin was back at $4K again.”
That said, Velez isn’t alone in predicting a meteoric rise for Bitcoin. In a note to investors on Thursday, Investment giant VanEck reiterated its September forecast, targeting $180,000 for Bitcoin in the current market cycle.
According to analysts Nathan Frankowitz and Matthew Siegel, the next phase of the bull market is underway, driven by key macroeconomic and market indicators. They drew parallels to Bitcoin’s performance during the 2020 rally, which coincided with the U.S. presidential elections.
VanEck’s experts also suggested that Donald Trump’s return to the White House could bring regulatory clarity, potentially acting as a catalyst for Bitcoin’s continued growth.
That said, Bitcoin’s near-breakthrough to $100,000 has reignited unprecedented social media buzz, as revealed by crypto analytics firm Satiment. With Bitcoin reaching a new all-time high, the frequency of ‘$100K’ mentions has hit all-time highs across Telegram, Reddit, X, 4Chan, and Bitcointalk communities, suggesting that Bitcoin’s breach of the $100,000 barrier is widely viewed as inevitable rather than speculative.
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