Irrespective of the US presidential elections, Bitcoin (BTC) values may reach a $100,000 level in 3 months.
Can we have a target of one hundred for Bitcoin by 2025?
Bitcoin's price moves have taken a pattern, a prediction regarding his “diminishing marginal returns” policy has been made by cryptocurrency consultant Timothy Peterson.
For investors it should be understood that according to the theory of Bitcoin's diminishing marginal returns and every halving cycle, the price at the peak of that cycle will always be lower relatively to what the peak would have been for the previous cycle. This cyclical relationship with the price is due to market size evolution since it means that demand has less elasticity within the shock period.
In simple terms, this means that BTC can continue to appreciate in value. However, ultra-high returns that are usually anticipated during the earlier stages of a cycle might not materialize. Peterson however is willing to entertain the creativity in his words.
Its all-time high (ATH) of inculcating $73,737 was set by BTC in March 2024. Thereafter for more than eight months, the leading cryptocurrency has been in a consolidation phase, losing a maximum of $54,000. Currently BTC is positioned at $67,998, a decrease of 10% from its ATH.
Peterson suggests that BTC should be positioned to breakout at $100,000 within 90 days of crossing the red trendline barrier. For an expert in the field, he states; “I think it is reasonable to think like that.” Also,
“Even in the most bottleneck scenario, it is possible to witness 100k within six months. February may be the month all this comes to pass, I do not see the US elections tying into this.”
Year-End Projections of BTC Prices
In three months, Peterson hopes that BTC will hit the mark of $100,000, while other experts, as well as industry insiders are opposed to this view.
However, in the view of options market traders, it does not matter who the President of the US is; the view is that BTC will cross its former all-time high by the month of November.
Matt Hougan from Bitwise, in the context of his recent client interaction, revealed five reasons that could push the price of BTC up to ''80K by the end of the fourth quarter of 2024.
They are the likelihood of Donald Trump winning the Republican nomination, potential cuts in Fed interest rates, and extended periods without major negative events in the crypto space.
The growing retail appetite for BTC only boosts the year-end target.
CryptoQuant noted that Bitcoin transactions of $10,000 or less are increasing which reflects rising retail demand as the risk voicing in the market changes. As at the time of this write up, BTC’s daily chart reports about $67,998 a 1.1% rise in the last 24 hours.
