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The current trajectory of Bitcoin (BTC) prices could push it towards the $100,000 level within the next 90 days, regardless of the results of the US presidential election.
Bitcoin at $100k by February 2025?
Cryptocurrency analyst Timothy Peterson points out that Bitcoin’s current price action is not significantly different from previous trends, raising questions about the theory of “diminishing marginal returns.”
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From an investor’s perspective, Bitcoin’s theory of diminishing marginal returns suggests that each halving cycle results in successive smaller price gains, as the digital asset’s overall market value matures and supply shocks have less impact on increasing demand.
This suggests that although Bitcoin may continue to grow, the extraordinary returns seen in early cycles may decline over time. However, Peterson’s assessment seems to reject this theory.
As a reminder, BTC achieved an all-time high (ATH) of $73,737 in March 2024. Since then, the leading cryptocurrency has been consolidating for about eight months in a wide price range, reaching as low as $54,000. At the time of writing, BTC is trading at $67,998, about 10% below ATH.
Peterson He argues BTC’s movement just above the red trend line would put the digital asset at $100,000 within 90 days. The analyst added that such a step would be “completely within reason.” He added:
The conservative scenario puts Bitcoin at around $100,000 around February. I think this happens regardless of the outcome of the US elections.
Furthermore, the analyst suggested that according to other data-based metrics he monitors, Bitcoin is not overvalued at its current market valuation, and a drop below $60,000 is increasingly unlikely.
Focus on BTC price predictions for the end of the year
While Peterson expects Bitcoin to approach $100,000 within three months, other analysts and industry insiders have mixed predictions.
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For example, options market traders expected BTC will break the previous ATH by the end of November, regardless of who becomes the next US president.
Likewise, in a recent client note, Matt Hogan, IT Director at Bitwise shown There are several factors that could force BTC to “melt” to $80,000 in Q4 2024.
These factors include the potential victory of Republican candidate Donald Trump, additional interest rate cuts by the US Federal Reserve, and an extended period free of major negative developments in the cryptocurrency sector.
Besides the above factors, optimism towards Bitcoin’s year-end rally is also fueled by rising retail demand for the leading digital asset.
Latest analysis by CryptoQuant Highlight Bitcoin transactions worth less than $10,000 are on an upward trend, indicating renewed retail demand as the market gradually shifts from risk-off to risk-on mode. BTC is trading at $67,998 on the daily chart at press time, up 1.1% over the past 24 hours.
Featured image from Unsplash, charts from X and Tradingview.com
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