How High Will Bitcoin (BTC) Price Hit in This Bull Run After Surpassing $100,000?
What experts say as Bitcoin hits historic $100,000 milestone and predicts the highest Bitcoin could see in the bull run.
The historic moment has arrived, Bitcoin (BTC) officially reached $100,000 for the first time, marking a turning point and a huge achievement in the cryptocurrency market.
The rally also pushed Bitcoin's market capitalization past $2 trillion and helped the overall cryptocurrency market reach a new all-time high of $3.59 trillion.
Amid the bullish sentiment in the crypto space, investors are hopeful that BTC prices will continue their upward momentum. Here are the analysis and predictions of cryptocurrency experts on Bitcoin.
Bitcoin (BTC) Price Analysis
BTC price has surged 52% in the past 30 days, with the rally continuing throughout November and peaking today. Moreover, the market has also recorded bullish sentiment, highlighting a significant increase in buying pressure.
Over the past 24 hours, Bitcoin recorded a gain of more than 7% and reached a new all-time high of $103,224, according to CoinMarketcap.
Looking at the asset’s technical indicators, analysts note that the relative strength index (RSI) continues to trade in the overbought range on the daily time frame, suggesting that buying pressure on Bitcoin continues to increase.
Additionally, the 50/200-day EMA also shows a steady rise on the BTC price chart. This highlights that the price could continue to rise sharply this week.
How high can BTC price go?
Tim Enneking, Founder and Director of Digital Capital Management, shared with foreign press that Bitcoin breaking the $100,000 level actually created fear of missing out (FOMO) for retail investors.
The more valuable BTC becomes, the more significant its impact on retail investors will be. The asset is also getting closer to being included in the reserves of various countries.
Notably, Enneking made an interesting prediction that Bitcoin price is likely to surge to $120,000 within the week, however, $100,000 will not become a long-term support level for the asset.
If Bitcoin hits $120,000, we could even see the price drop to somewhere around $90,000.