Bitcoin Price Reaching $100,000 Is No Longer a Dream

Just a few months ago Bitcoin reaching the milestone of $100,000 seemed like a far-fetched goal as the price spent months in a tight range below $65,000, but the recent surge in price and promises of regulatory changes in the United States have made this no longer a dream.

“BTC at $100,000 is no longer a pipe dream as political and institutional stars begin to align,” said traders at Singapore-based QCP Capital. “Despite net ETF outflows last Thursday and Friday, BTC still appears relatively well supported and institutional adoption remains strong.”

QCP expects the price of BTC to rise to $100,000, nearly 10% higher than the current record of over $93,000 in the coming months.

“BTC dominance is currently around 60% and would probably need to be below 58% to signal the start of alt season. We anticipate pro-crypto policies from the Trump administration and more rate cuts. We would not be surprised to see an alt season in full swing in the coming months,” QCP said.

Traditional banks and financial analysts have set targets as high as $200,000 for Bitcoin following Republican candidate Donald Trump’s victory in the November election.

However, not all roads are rosy, there are still many concerns that BTC price will correct sharply.

“We feel that Bitcoin’s bull run is over and the next phase will be much more difficult with more volatile prices and a potential downside for the coin,” said Augustine Fan, chief analyst at SOFA.

“We will be looking for a potential breakout top in the near term as market sentiment is extremely bullish,” Fan added.

Fans believe that Bitcoin could set a “blowout peak” in the near future.

A blowout top is a chart pattern recognized in technical analysis that shows a rapid and sharp increase in the price of an asset, followed by an equally rapid decline.

“In the event of a market correction, Bitcoin could fall back to $69,000 or worse, $60,000,” said CoinDesk senior market analyst Omkar Godbole.

“Bitcoin’s bullish momentum has slowed since breaking above the $90,000 ATH range. The fact that the US Federal Reserve is no longer in a hurry to cut interest rates in the future has forced investors to reassess their bets on Bitcoin,” said Maksym Sakharov, co-founder of WeFi.

“If the Fed continues to take a somewhat hawkish stance on interest rates, Bitcoin’s appeal may decrease,” Sakharov added.