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The price of Bitcoin (BTC) remained just below $100,000 at the end of the week, falling 7% to nearly $91,000 on Thursday. this turn It inspired speculation about Bitcoin’s short-, medium- and long-term behavior in the face of increasing market volatility.
Experts predict that Bitcoin will reach $200,000
According to 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 “excitement phase,” where individual investors are motivated by fear of missing out (FOMO) and media hype.
Although Bitcoin’s price surge to $100,000 may not indicate an early entry point, VirtualBacon expects it to eventually reach $200,000, citing previous price cycles.
However, the expert warns that investors should be prepared for 20% to 30% corrections, but he remains confident in Bitcoin’s long-term potential.
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Regarding the longevity of the current uptrend, VirtualBacon points out Previous courses Which show significant price increases that often last from 6 to 10 months. He notes that previous uptrends often peak 6 to 10 months after important milestones, such as Bitcoin halving events.
VirtualBacon also made comparisons between Bitcoin’s most recent $100,000 breakout and its initial breakout of the $10,000 level in 2017, which resulted in the price quickly doubling within 20 days.
If history repeats itself, the analyst believes that the price of Bitcoin could rise to $200,000. However, if the price Unites Around $100,000, this could indicate a sustainable uptrend, which would be beneficial for altcoins.
Ethereum: “A no-brainer investment”
While the euphoria surrounding Bitcoin’s rise above $100,000 is palpable, VirtualBacon underscores that the real potential is there. Alternative currencies. He believes that when Bitcoin is standardized, altcoins will definitely take center stage. Ethereum ETH, in particular, is outperforming Bitcoin, anticipating an upcoming altcoin season.
Over the past sessions, Ethereum has outperformed Bitcoin by a factor of 2.5. If Bitcoin reaches $200,000, VirtualBacon expects Ethereum to grow to $15,000, suggesting a four-fold increase.
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Interestingly, VirtualBacon considers Ethereum a “common sense investment” at the moment, citing its “significant decline in value” and its potential to deliver at least a 3x return, while being realistic. Price targets pRanging from $10,000 to $12,000.
Finally, VirtualBacon advised monitoring Bitcoin’s performance in relation to its 200-day exponential moving average. The bull market is expected to continue until late 2025, creating many possibilities for wise investments.
At the time of writing, the largest cryptocurrency on the market, BTC, was trading at $99,670, up 3.2% over the week. Over longer time frames, Bitcoin continues to show significant gains of over 31% and 129% on a monthly and year-to-date basis, respectively.
Featured image of DALL-E, chart from TradingView.com