Bitcoin (BTC) appears poised to end 2024 on a high note, with historical patterns suggesting the first digital asset is destined for an all-time high in December.
According to crypto trading expert Ali Martinez, there are striking parallels between Bitcoin’s current price action and its December 2020 rally, hinting that the asset could reach $135,000 by December 2024, according to analysis published in X’s November 20 post .
Martinez’s forecast identified identical price structures and relative strength index (RSI) levels between December 2020 and November 2024, suggesting a continuation of the bullish trend.
In both cases, Bitcoin formed a sequence of higher highs and higher lows, supported by an upward RSI trajectory.
Martinez expects a rise to $108,000 in the near future, followed by a brief correction to $99,000 before Bitcoin rises to $135,000. This forecast is consistent with Martinez’s previous forecast that Bitcoin will likely rise to $138,000 before there will be a rollback.
Bitcoin’s Path to $100,000
This forecast gained credence as the likelihood of Bitcoin reaching $100,000 increased after the asset broke through its all-time high of $94,000.
CrypNuevo’s The analysis also suggested that Bitcoin could approach the $96,000 mark, but cautioned against expecting a clean breakout of the psychological $100,000 mark on the first try.
The analyst predicted a reversal in the mid-to-high $90,000 range, which would present the opportunity for a healthy pullback. The focus will then shift to identifying the next optimal buying zones during this recovery before the asset reaches $100,000.
“Not expecting to break $100k on the first try, so I’m looking for a reversal from the mid-high $90k, zone around $96k. Then focus on the next buying opportunities during the pullback,” the expert said.
Bitcoin’s bullish momentum is supported by a positive outlook following the election of Donald Trump. Continued buying pressure has led to it becoming the seventh-largest asset in the world, with a market capitalization of approximately $1.8 trillion.
However, aiming for $100,000 may come with challenges. CryptoQuant The data shows that Bitcoin’s realized capitalization is no longer increasing, indicating insufficient new money inflows and potential signs of weakness.
Amid these concerns, other on-chain indicators indicate potential for further growth into the $100,000 level.
Specifically, Bitcoin’s Market Value to Realized Value (MVRV) ratio is currently 2.6, indicating significant unrealized gains. Historically, an MVRV of 4 signals a potential market top.
Bitcoin Price Analysis
At press time, Bitcoin was trading at $93,821, up nearly 1% over the last 24 hours. The weekly chart shows Bitcoin consolidating above the $90,000 level, with the asset adding about 1.6%.
All things considered, Bitcoin is showing potential for bullish continuation. However, the asset needs to decisively break through the $95,000 resistance zone to pave the way to the $100,000 target; even though optimism remains high, the $200,000 milestone will be within reach.
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