The price of Bitcoin (BTC) remained just below $100,000 at the end of the week, falling 7% to around $91,000 on Thursday. This milestone has inspired speculation about Bitcoin’s short, medium and long-term behavior in the face of increased market volatility.
Expert Predicts Bitcoin Could Hit $200,000
According According to market expert VirtualBacon, while the $100,000 level is noteworthy, it does not represent the pinnacle of Bitcoin’s potential. He refers to the current phase as the “exciting phase,” in which retail investors are motivated by fear of missing out (FOMO) and media hype.
Although Bitcoin’s march towards $100,000 may not indicate an early entry point, VirtualBacon predicts that it will eventually reach $200,000, citing past price cycles.
However, the expert warns that investors should be prepared for corrections of 20% to 30%, but remains confident in Bitcoin’s long-term potential.
Regarding the longevity of the current bull market, VirtualBacon alludes to previous cycles that show significant price increases usually last 6 to 10 months. Note that previous bull runs often peaked 6-10 months after major milestones, such as Bitcoin halving events.
VirtualBacon also made comparisons between Bitcoin’s latest advance of the $100,000 milestone and its initial breakout of the $10,000 level in 2017, which resulted in a rapid doubling of price in 20 days.
If history repeats itself, the analyst believes that the price of Bitcoin could skyrocket to $200,000. However, if the price consolidate around $100,000, it could indicate a sustained bull run, which would be beneficial for altcoins.
Ethereum: an ‘obvious investment’
While the euphoria surrounding Bitcoin’s rise above $100,000 is evident, VirtualBacon emphasizes that the true potential lies in alternative currencies. He believes that when Bitcoin consolidates, altcoins will certainly take center stage. Ethereum (ETH), in particular, is outperforming Bitcoin, predicting an upcoming altcoin season.
During past cycles, Ethereum outperformed Bitcoin by a factor of 2.5. If Bitcoin reaches $200,000, VirtualBacon predicts that Ethereum can grow to $15,000, indicating a four-fold increase.
Interestingly, VirtualBacon considers Ethereum an “obvious investment” at the moment, citing its “significant undervaluation” and its ability to generate at least 3x returns, with realistic results. price targets rranging between $10,000 and $12,000.
Finally, VirtualBacon recommended monitoring Bitcoin’s performance relative to its 200-day exponential moving average. He expects the bull market to continue until the end of 2025, creating several possibilities for smart investments.
At the time of writing, the largest cryptocurrency on the market, BTC, was trading at $99,670, up 3.2% on the week. Over longer time frames, Bitcoin is still showing significant gains of over 31% and 129% month-over-month and year-to-date, respectively.
Featured image of DALL-E, chart from TradingView.com
Fountain: NewsBTC.com
