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Bitcoin has achieved a major milestone, trading at six-figure levels for the first time since its inception. On Thursday, the cryptocurrency reached a new all-time high of $103,679, marking a year-to-date rise of more than 140% and pushing its market value past $2 trillion.
This achievement has reignited enthusiasm within the investor community, cementing Bitcoin’s position as a major player in the global financial market.
Despite this impressive achievement, Bitcoin has seen a slight rebound. At the time of writing, it is trading at $101,573, still up 6% in the past 24 hours.
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What comes next?
IntoTheBlock market intelligence platform Weighed in In this development, providing insight into the potential path of Bitcoin. Platform analysts highlighted that Bitcoin’s maximum supply and growing interest from institutional investors and even countries create significant upside potential.
Bitcoin breaks $100,000!
A major milestone, but what’s next?
With limited supply and huge interest from major investors (and even countries), the potential seems limitless. However, we recommend taking a look at previous courses to evaluate the potential.
This graph shows… pic.twitter.com/5b60oTRJy3
— IntoTheBlock (@intotheblock) December 5, 2024
However, previous cycles indicate diminishing returns, with historical post-halving cycles showing returns of 7,900% in 2013, 2,560% in 2017, and 594% in 2021.
Based on these trends, IntoTheBlock expects a more conservative growth range of 100% to 200% from the halving price, suggesting a peak between $130,000 and $190,000. IntoTheBlock analysts specifically wrote:
So, while some are demanding $1 million per Bitcoin, a more reasonable prediction would be a A return of 100%-200% of the half priceand put the upper part between 130 thousand and 190 thousand.
However, the analysts also pointed out: “That is, unless Bitcoin becomes a global reserve asset, of course.”
Analysis of market trends and investor behavior
Meanwhile, CryptoQuant Analyst introduced Additional insights On Bitcoin’s recent performance and market behavior. According to the analyst, Bitcoin purchases continue to rise, with the Coinbase Premium Index reflecting strong buying activity in the US.
The index, which tracks the price difference between Coinbase Pro and Binance, is showing continued positive data, indicating active participation by US investors.
The analyst stressed the importance of monitoring this indicator in addition to analyzing the broader trend. For example, during periods classified as “fear phases,” where buyers pull back and downward momentum fails to materialize, the market often creates opportunities for strategic entry points.
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If the indicator remains in positive territory, it indicates a continuation of the uptrend, making pullbacks an ideal time for positioning. Until Bitcoin reaches what the analyst describes as the “excess phase,” long positions should be held, while profitable positions should be secured to mitigate risks.
Featured image created with DALL-E, chart from TradingView