The target of $100,000 for Bitcoin has long fascinated analysts and the crypto community. It's a goal that fuels speculation and hopes, and the question "When will Bitcoin reach $100,000?" is omnipresent. A six-figure Bitcoin price is seen by many as a minimum target, while others doubt that Bitcoin will ever surpass this psychological mark.
With a new all-time high of over $73,000, Bitcoin has recently come closer to this goal. A significant recovery on the last day has now driven Bitcoin back above $65,000. But when will Bitcoin truly reach $100,000? A recent forecast provides some insights.
Analyst Stockmoney Lizards outlines a possible roadmap for the current crypto cycle, starting with a mid-term correction phase that could lead prices into the mid to low $50,000 range. The current recovery is seen as a counter-movement, and the correction is expected to continue to alleviate overbought conditions and establish a solid foundation for the next upswing.
#Bitcoin
— Stockmoney Lizards (@StockmoneyL) April 19, 2024
this is a potential roadmap for the current cycle. As we stated before, we believe we are in a mid-term correction right now that could take us to mid-/low 50ks.
The rest of the year should lead to another pump fueld by continued institutional buying, halving itself… pic.twitter.com/2RfqXrXU2s
However, a renewed increase is forecasted for the rest of the year, driven by institutional purchases, the effects of the upcoming halving, and broader acceptance of cryptocurrencies. These factors could work synergistically to significantly increase market value by tightening supply and increasing demand.
Typically, the summer months are characterized by lower volatility, while the fourth quarter often sees positive developments and an optimistic market sentiment. It is expected that during this time, the $100,000 mark will be surpassed.
The analyst emphasizes that setbacks in the price trajectory are normal and healthy for market development, as they help correct speculative excesses and strengthen the market. Therefore, investors should not be too quick to be unsettled, as significant profit-taking is part of an upward trend that could propel Bitcoin above $100,000.
