Many have been anticipating a Bitcoin price of USD 100,000 back in the early days. From price predictions of USD 10,000 to USD 20,000 and USD 50,000, crypto analysts were being mocked by traditional bankers and analysts. For them, those valuations were crazy. Today, Bitcoin’s price managed to hit all those milestones and is now eyeing the big one: USD 100,000. The question isn’t if Bitcoin will reach this price, but when will this happen. In this article, we’re going to try to estimate Bitcoin’s current price trajectory based on past price behaviors and see if Bitcoin can reach USD 100,000 before 2022.
Bitcoin’s Price behavior Keeps on Repeating
If we look at how Bitcoin’s price has been moving since inception, we can notice 3 main phases that keep on repeating:
- Slow price increase
- Sudden Hype
- Quick Cash out / FUD
- Repeat
In the figure above, we can clearly notice how prices tend to consolidate for an extended period of time before they shoot higher. This consolidation took months, even sometimes years before the trend continues upwards. For the current case of Bitcoin, prices already shot high from a low of USD 3,750 all the way to the ATH of USD 64,400.
The biggest price adjustment happened only recently when prices reached their ATH. However, prices directly corrected back and are currently near the ATH again.
Does a “NO CONSOLIDATION” mean Bad News for BTC?
Well, not necessarily. Bitcoin prices matured over the years, and the demand for this limited cryptocurrency will only drive prices upwards. On the other hand, price adjustments seem to become harsher as prices become higher. Bitcoin is still the biggest cryptocurrency by market cap, and there’s still no sign of a market crash despite the previous events that happened earlier this year.
However, the consolidations seem to be happening more often and more regularly, instead of being on extended periods like previously.
Bitcoin Price Prediction – Where are BTC prices headed?
If we zoom in and look at what’s currently happening with the price of Bitcoin, we can clearly see the uptrend. This price recovery comes from the significant support area of USD 40,000. In figure 2, we can see how prices are steadily increasing, and are eyeing the USD 64,000 price mark.
Despite this price rally, being able to almost double in prices within 2 months seems a bit hard for cryptocurrencies after this extended hike in prices. In fact, prices are still on an uptrend since April of the last year 2020. We did witness 2 harsh crashes along the way, but we have little doubt that prices will manage to double again.
The Crypto Market at a Glance
In the past 24 hours, the entire cryptocurrency market showed a strong comeback and aggregate prices increased by more than 6%. The biggest gainers are Polkadot, Kusama, and Telcoin. They gained respectively 15%, 13%, and 14%. On the other hand, only 3 coins lost in value, which are Mdex, Perpetual Protocol, and OMG Network. They lost respectively -2%, -1.8% and -0.8%.
1- Bitcoin (BTC) : + 2.12 %
2- Ether (ETH) : + 8.95 %
3- Binance Coin (BNB): + 4.12 % (surpassing ADA)
4- Cardano (ADA) : + 3.93 %
5- Tether (USDT) : 0 %
6- Ripple (XRP) : – 2.91 % (surpassing SOL)
7- Solana (SOL) : + 4.18 %
8- Polkadot (DOT): + 15.98 %
9- USD Coin (USDC) : + 0 %
10- Dogecoin (DOGE) : + 3.48 %
Stay Ahead, Stay Updated
Rudy Fares
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